Factor Markets
Which of the following is a difference between a perfectly competitive labor market and a monopsony?
Assuming other factors remain constant, what would happen if government-imposed price floors were removed in an agricultural market characterized by both monopoly sellers and monopsony buyers?
In the context of a monopsony, what does the term "willingness to sell" refer to?
Which factor contributes most directly toward creating barriers that result in monopsonic job markets?
In a monopsony labor market, if an employer chooses to hire another worker, which factor is considered its opportunity cost?
When a firm in a monopsony market faces the decision to buy a machine or to hire a new worker for the same task, what is the opportunity cost associated with choosing the machine?
What is a likely outcome when a monopsony employer is the only buyer of labor in a market?
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When analyzing a monopsonist's decision on whether or not to employ an additional worker, what primarily constitutes its opportunity cost?
In a monopsony, the firm pays workers a wage that is?
In a monopsony market, what effect would improved public transportation have on its workforce?