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The Following Figure Represents the Equilibrium in the Labor Markets

Question 99

Multiple Choice

The following figure represents the equilibrium in the labor markets. Figure 14.4 The following figure represents the equilibrium in the labor markets. Figure 14.4 In the figure, MFC: Marginal Factor Cost curve D: Demand or the Marginal Revenue Product curve S: Supply curve Refer to Figure 14.4.A monopsonist will pay the wage rate _____ and hire _____ units of labor. A) W<sub>2</sub>; Q<sub>2</sub> B) W<sub>1</sub>; Q<sub>2</sub> C) W<sub>3</sub>; Q<sub>1</sub> D) W<sub>1</sub>; Q<sub>3</sub> E) W<sub>1</sub>; Q<sub>1</sub> In the figure,
MFC: Marginal Factor Cost curve
D: Demand or the Marginal Revenue Product curve
S: Supply curve
Refer to Figure 14.4.A monopsonist will pay the wage rate _____ and hire _____ units of labor.


A) W2; Q2
B) W1; Q2
C) W3; Q1
D) W1; Q3
E) W1; Q1

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