-Refer to the Information Above

question 140

Multiple Choice

-Refer to the information above.A monopsonist would maximize profit by hiring __________ workers and paying a wage of __________.

• A) 3;$6
• B) 3;$8
• C) 4;$8
• D) 2;$4
• E) 3;$4

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Definitions:

Normal Good

A good for which demand increases as consumer income rises, holding all other factors constant.

Consumer Tastes

Preferences and inclinations of consumers that influence their purchasing behavior and choice of products.

Substitutes

Products or services that can replace each other in usage, providing consumers with choices.

Health Clubs

Facilities that offer a variety of exercise equipment, classes, and services to individuals looking to improve or maintain their physical fitness.