r: Margina tps://faytechec blackboard .com/webapps/as ??? assessment id- 78561 1
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r: Margina tps://faytechec blackboard .com/webapps/as ??? assessment id- 78561 1&course; id 13672 18content id- 2267453 An individual firm in a conmpetitive labor market faces a(m a.vertical labor supply curve b, downward-sloping labor supply curve. upward-sloping labor supply curve. d. backward-bending labor supply curve. e borizontal labor supply curve QUESTION 19 3.00000 points The mosopsonist's labor supply curve is the same as the e a marginal revenue product curve b. marginal product curve wage rate d market labor demand curve market labor supply curve QUESTION 20 3.00000 points BigBiz, a local monopsonist, currenitly hires 50 workets and parys them S6 per hour. To atract an additional worker to its labor force, BigBiz would have to raise the wage rate so 56.25 per hour. What is BigBiz's marginal factor cos? o a.$12.50 per hour b.$18.75 per hour c.$20 per hour. d.$6.25 per hour Click Save and Subait to save and subnit. Cliek Saue All Ansuers to save all ansers Save All Answes rchExplanation / Answer
Q.18. Option e. In a competitive market, where the wage rate is determined by the industry than an individual firm and hence it is a wage taker and labors would be ready to work for a fixed wages.
Q.19. Option e. As monopsonist is the sole hirer in the market, it is a wage searcher than wage taker, hence in order to increase supply of labor it needs to increase wages for all.
Q.20. Option b
L
P
Factor Cost
Marginal factor cost
50
6
300
51
6.25
318.75
18.75
L
P
Factor Cost
Marginal factor cost
50
6
300
51
6.25
318.75
18.75
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