D the resource market is purely competitive but the

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D. the resource market is purely competitive but the product market is imperfectly competitive. 59. The economic term for a sole employer in a nonunion community is: A. monopsonist. B. monopolist. C. bilateral competitor. D. bilateral monopolist. 60. In a monopsonistic labor market the employer will maximize profits by employing workers up to that point at which: A. the difference between the wage rate and marginal resource (labor) cost is at a maximum. B. marginal revenue product equals marginal resource (labor) cost. C. the wage rate equals marginal revenue product. D. the wage rate equals marginal resource (labor) cost. 61. A firm can hire six workers at a wage rate of $8 per hour but must pay $9 per hour to all of its employees to attract a seventh worker. The marginal wage cost of the seventh worker is: A. $9. B. $10. C. $15. D. $21. 62. Suppose the MRP of a firm's twelfth worker is $22 and the worker's marginal wage cost is $16. We can say with certainty that the firm: A. is hiring labor in a competitive labor market at a wage rate of $16. B. is hiring labor in a monopsonistic labor market. C. will find it profitable to hire fewer workers. D. will find it profitable to hire more workers. 63. In monopsony: A. each firm employs a small portion of the total supply of labor. B. the work force is highly mobile. C. the wage rate paid by the employer varies directly with the number of workers employed. D. the employer is a "wage taker." 64. Which of the following is most likely to be an example of monopsony? A. the market for fast-food workers in a large summer resort town. B. the market for card dealers in Las Vegas. C. the market for major league baseball umpires. D. the market for retail sales clerks in a major city.
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65. If a firm faces an upsloping labor supply curve (and there is no union or minimum wage), its: A. MRC curve is also upsloping. B. MRC curve is perfectly elastic. C. MRP curve is perfectly inelastic. D. MRP curve is also uploping. 66. A monopsonist's wage cost in hiring an additional worker is the: A. worker's wage rate. B. worker's wage rate plus the wage increases paid to all workers already employed. C. worker's wage rate adjusted for the lower price that must be charged for the extra output. D. marginal wage cost less the wage rate. 67. A large hospital in a relatively small city finds that, if its demand for nurses increases, the wages of nurses will rise. We can say that the hospital: A. is a monopsonist. B. faces a perfectly elastic supply of nurses. C. is functioning in a perfectly competitive labor market. D. will confront a surplus of nurses. 68. A monopsonist: A. boosts the wage rate above the competitive level to attract more workers.
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D the resource market is purely competitive but the product...

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