What is a monopsony in the context of labor markets?
Micro Unit 5, Question 12: Monopsony

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11th Grade - University
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A market with multiple firms hiring workers
A market with no firms hiring workers
A market where workers set their own wages
A market with only one firm hiring workers
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is the marginal resource cost higher than the wage in a monopsony?
Because the firm pays each worker a different wage
Because the firm can wage discriminate
Because the firm can hire unlimited workers at a fixed wage
Because the firm has to pay all workers the same higher wage
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a monopsony, where do firms hire workers?
Where marginal revenue product equals marginal resource cost
Where supply equals demand
Where the wage is highest
Where the number of workers is maximized
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does the employment level in a monopsony compare to a perfectly competitive market?
Unpredictable in a monopsony
The same in both markets
Lower in a monopsony
Higher in a monopsony
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What wage do workers receive in a monopsony compared to a perfectly competitive market?
Higher in a monopsony
Lower in a monopsony
The same in both markets
Unpredictable in a monopsony
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