Video Choice: Monopsony
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Last updated about 1 year ago
10 questions
Pick your video and answer the questions.
1
Monopsony and Monopoly are the same thing.
Monopsony and Monopoly are the same thing.
1
A monopsony is the only buyer/hirer of a resource in an area.
A monopsony is the only buyer/hirer of a resource in an area.
1
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
Low Wages => | arrow_right_alt | Low Qs of Workers |
High Wages => | arrow_right_alt | High Qs of Workers |
1
Which of these is true for the monopsonistic firm?
Which of these is true for the monopsonistic firm?
1
Match the Variable to the Formula
Match the Variable to the Formula
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
Marginal Revenue | arrow_right_alt | Change in total product given change in quantity of labor |
Total Resource Cost | arrow_right_alt | Quantity of Labor * Wage |
Marginal Product | arrow_right_alt | Change in Total Resource Cost given change in quantity of labor |
Marginal Resource Cost | arrow_right_alt | Change in Total Revenue given change in quantity output |
Marginal Revenue Product | arrow_right_alt | Marginal Product times Marginal Revenue |
1
In a monopsony, firms are wage takers for the wage they pay to the workers.
In a monopsony, firms are wage takers for the wage they pay to the workers.
1
In a monopsony, the supply of labor is no longer perfectly elastic.
In a monopsony, the supply of labor is no longer perfectly elastic.
1
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
Low wage--> | arrow_right_alt | Low Qs of Labor |
High wage--> | arrow_right_alt | High Qs of Labor |
1
Select all equivalent statements if the hiring firm is perfectly competitive in the product market.
Select all equivalent statements if the hiring firm is perfectly competitive in the product market.
1
Which of these are correct?
Which of these are correct?