1. If one company provides 70% of the jobs in a town, the company could exert...

1. If one company provides 70% of the jobs in a town, the company could exert _____ power in its labor market.

a) differential

b) compensating

c) monopoly

d) monopsony

2. What will happen in the labor market for commercial truck drivers if the government raises the requirements needed to obtain a commercial driver's license?

a) The supply of truck drivers will decrease, resulting in a higher wage and lower quantity of labor.

b) The supply of truck drivers will increase, resulting in a lower wage and higher quantity of labor.

c) The demand for truck drivers will decrease, resulting in a lower wage and lower quantity of labor.

d) The demand for truck drivers will increase, resulting in a higher wage and higher quantity of labor.

Expert Solution

1. Providing 70% of the jobs in the labour market is a firm acting as a monopsony. A monopsony is when there is a single buyer( the employer) and large number of sellers( employees).

Answer-D

2.If government raises the requirements to obtain licenses, the supply of truck trivets would fall. As a result wage rate would be high and quantity of labour supplied would be low.

Answer-A

Rahul Sunny answered 2 years ago

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