1. What will be the competitive equilibrium wage rate and the level of employmen

Question

1. What will be the competitive equilibrium wage rate and the level of employment?

Equilibrium wage = $________

Equilibrium level of employment = ________ units of labor

2. What will be the wage rate and the level of employment under monopsonistic conditions?

Equilibrium wage = $________

Equilibrium level of employment = ________ units of labor

3. By how much does the monoposonist reduce wages below the competitive wage? $__________

By how much does the monopsonist reduce employment below the competitive level? _______ workers

The answers given to me by other tutors were

1. $18

3 units

2. $20

no answer for the second part

3. $10

5 workers

These answers were all incorrect!

Explanation / Answer

answers:

$20


$10

5 workers

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