The labor supply curve facing a purely competitive

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53. The labor supply curve facing a purely competitive employer is __________ whereas the labor supply curve facing a monopsonist is ___________. A. upward sloping; horizontal B. downward sloping; vertical C. vertical; upward sloping D. horizontal; upward sloping Use the resource demand data shown on the left and the resource supply data on the right in answering the following question(s): 54. Refer to the above data. How many workers will this profit-maximizing firm choose to employ? 55. Refer to the above data. How many units of output will this profit-maximizing firm produce?
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56. Refer to the above data. What will be the profit-maximizing wage rate? 57. Refer to the above data. What will be the profit-maximizing selling price of the product? A. $1.40 B. $1.60 C. $1.80 D. $2.00 58. Refer to the above data. We can conclude that: 59. The economic term for a sole employer in a nonunion community is: 60. In a monopsonistic labor market the employer will maximize profits by employing workers up to that point at which: 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: 63. In monopsony:
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