B will be higher but employment will be lower c will

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B. will be higher, but employment will be lower. C. will be lower, but employment will be higher. D. and employment will both be higher. AACSB: Reflective Thinking Skills Blooms: Understanding Learning Objective: 13-3 McConnell - Chapter 13 #73 Topic: Monopsony and imperfectly competitive labor markets 74. A monopsonist pays a wage rate that is: A. less than the MRP of labor. B. equal to the firm's marginal resource (labor) cost. C. equal to the MRP of labor. D. greater than the MRP of labor. AACSB: Reflective Thinking Skills Blooms: Understanding Learning Objective: 13-3 McConnell - Chapter 13 #74 Topic: Monopsony and imperfectly competitive labor markets
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75. "Player drafts" of professional athletes: A. increase the competitiveness of the labor market for professional athletes. B. reduce the profitability of professional sports franchises. C. promote monopsony in the hire of professional athletes. D. increase salaries of professional athletes. AACSB: Reflective Thinking Skills Blooms: Application Learning Objective: 13-3 McConnell - Chapter 13 #75 Topic: Monopsony and imperfectly competitive labor markets 76. Which of the following is not correct? A. Other things equal, a monopsonist will pay a lower wage rate than will a firm hiring labor competitively. B. A monopsonistic employer will pay workers a wage rate equal to their MRP. C. A purely competitive seller will pay workers a wage rate equal to their MRP. D. An imperfectly competitive seller will employ additional workers as long as the MRP of additional workers exceeds their MRC. AACSB: Reflective Thinking Skills Blooms: Understanding Learning Objective: 13-3 McConnell - Chapter 13 #76 Topic: Monopsony and imperfectly competitive labor markets 77. A monopsonistic employer's marginal resource (labor) cost curve: A. is always more elastic than the labor supply curve. B. coincides with the labor supply curve. C. lies below the labor supply curve because the higher wage paid to an additional worker must also be paid to all other employed workers. D . lies above the labor supply curve because the higher wage paid to an additional worker must also be paid to all other employed workers. AACSB: Analytical Skills Blooms: Understanding Learning Objective: 13-3 McConnell - Chapter 13 #77 Topic: Monopsony and imperfectly competitive labor markets 78. The critical feature of a monopsonistic labor market is that the employer: A. has a perfectly elastic demand curve for labor. B. can hire any number of workers it chooses at the going wage rate. C. faces an upsloping labor supply curve. D. faces a perfectly inelastic labor supply curve. AACSB: Analytical Skills Blooms: Understanding Learning Objective: 13-3 McConnell - Chapter 13 #78 Topic: Monopsony and imperfectly competitive labor markets 79. If a firm is a monopsonist in the hiring of both labor and capital, it will obtain the profit-maximizing quantities of labor and capital when: A. MRP L / P L = MRP C / P C = 1.
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B will be higher but employment will be lower C will be...

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