B reduces the number of workers it employs so that it

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B. reduces the number of workers it employs so that it can pay each worker a lower wage rate. C. is a "wage taker." D. pays a wage rate equal to MRP. 69. A monopsonistic employer: A. has a perfectly elastic labor supply curve. B. is necessarily a monopolist in the product market. C. confronts a marginal resource (labor) cost that is greater than the wage rate. D. confronts a marginal resource (labor) cost that is less than the wage rate. 70. Other things equal, the monopsonistic employer will pay a: A. lower wage rate and hire fewer workers than will a purely competitive employer. B. higher wage rate but hire fewer workers than will a purely competitive employer. C. lower wage rate but hire a larger number of workers than will a purely competitive employer. D. higher wage rate and hire a larger number of workers than will a purely competitive employer. 71. Assume the Ajax Mining Company hires 80 percent of the nonunion labor force of Mother Lode, New Mexico. Also, suppose that this labor force is highly immobile. Economists would describe this employer as a: A. monopolist. B. oligopolist. C. monopsonist. D. monopolistic competitor. 72. A monopsonistic employer in an unorganized (nonunion) labor market will: A. pay a wage rate less than labor's MRP. B. pay the same wage rate but hire fewer workers than if the market was purely competitive. C. hire the number of workers indicated by the intersection of the MRC and the labor supply curves. D. pay a wage rate in excess of labor's MRP. 73. As compared to a purely competitive labor market, in a nonunionized monopsonistic labor market wages: A. and employment will both be lower. 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.
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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. 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. 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.
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B reduces the number of workers it employs so that it can...

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