Question

In: Economics

Which of the following statements is false? a)The evidence seems to show that there are only...

Which of the following statements is false?

a)The evidence seems to show that there are only a few, if any, instances of pure monopsony in the real world.

b)In a monopsony setting, it is possible for a minimum wage to actually increase the number of workers hired.

c)Although in a monopsony setting it is possible for a minimum wage to actually increase the number of workers hired, it is not possible to raise wage rates continually and always increase employment, too.

d)The marginal factor cost for a monopsonist is less than the wage rate it pays workers.

Solutions

Expert Solution

d is correct

For a monopsonist marginal factor cost is greater than the wage rate it pays to workers.

Due to bargaining power, a monopsonist pays wage rate that is below the marginal cost of factor.

Rahul Sunny answered 2 years ago
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