Use the Figure Below to Answer the Following Questions

question 122

Multiple Choice

Use the figure below to answer the following questions.

Figure 18.3.1
-Refer to Figure 18.3.1. 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, the wage rate is

• A)$7 an hour.
• B)$6 an hour.
• C)$3 an hour.
• D)$5 an hour.
• E)zero, because the market would shut down.

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