Micro Unit 5.4 CW: Monopsony Calculations (Number)
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Last updated 9 months ago
6 Nsɛmmisa
Employment | Total Product | Product Price | Wage Rate |
0 | 0 | $2.20 | - |
1 | 15 | 2.00 | $1.00 |
2 | 28 | 1.80 | 2.00 |
3 | 39 | 1.60 | 3.00 |
4 | 48 | 1.40 | 4.00 |
5 | 55 | 1.20 | 5.00 |
6 | 60 | 1.00 | 6.00 |
This firm will choose to hire _______ workers.
This firm will produce _________ units.
The equilibrium wage rate will be $_______.
The selling price of the product will be $_______.
From the table, we can tell that both the product market and labor market for this firm are ________________ competitive. (1 word answer)
Suppose severe inflationary pressures prompt the government to impose a wage ceiling of $2 on this type of labor. Other things being unchanged, this firm will now hire ________workers.