Use the Figure Below to Answer the Following Questions

question 63

Multiple Choice

Use the figure below to answer the following questions. Figure 17.3.1
-Refer to Figure 17.3.1.This figure shows the value of marginal product of labour curve,the labour supply curve,and the marginal cost of labour curve.If this labour market is controlled by a monopsony,then the monopsonist hires

• A)zero hours of labour.
• B)50 hours of labour.
• C)75 hours of labour.
• D)100 hours of labour.
• E)more than 100 hours of labour.

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Definitions:

Clearly Defined

Specifically and unambiguously articulated or delineated.

Private Owner

An individual or entity that legally possesses property or a business and has exclusive rights over its use and distribution.

Economic Significance

The measure of the impact that an event, policy, or market trend has on economic factors such as growth, employment, inflation, and investment.

Exchange Creates Value

The principle that trade between parties can increase the satisfaction of both, thus creating additional value.