http://tinypic.com/view.php?pic=v8hb9s&s=5 1. In the figure above, a monopsony w

Question

http://tinypic.com/view.php?pic=v8hb9s&s=5

1. In the figure above, a monopsony will pay the wage rate

a. W1 and hire Q1.

b. W3 and hire Q1.

c. W2 and hire Q2.

d. W1 and hire Q3.

e. W1 and hire Q2.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

2. In the figure above, if this were a competitive labor market they would pay the wage rate

a. W2 and hire Q2.

b. W3 and hire Q1.

c. W1 and hire Q3.

d. W1 and hire Q2.

e. W1 and hire Q1.

3. In the figure above, if the government imposes a minimum wage of W2, what quantity of labor will a competitive labor market hire?
a. A quantity less than Q1
b. Q1
c. Q3
d. None
e. Q2

4. In the figure above, if the government imposes a minimum wage of W2, what quantity of labor will a monopsonist hire?
a. Q3

b. A quantity less than Q1

c. Q2

d. Q1

e. None

Explanation / Answer

1.c

2.d

3.c

4.a

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