A Monopsony Hires Labor Up to the Point Where the Marginal

question 50

True/False

A monopsony hires labor up to the point where the marginal revenue product of labor equals the wage rate.

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Definitions:

External-Unstable Attribution

Attributing one's behavior or outcomes to external, transient factors outside one's control.

Internal-Stable Attribution

The tendency to ascribe the cause of a behavior to an internal, unchanging characteristic of the person involved.

Fundamental Attribution Error

The tendency to underestimate the influence of external factors and overestimate the role of internal factors in explaining others' behavior.

External Attribution

The process of attributing the cause of a person's behavior to situational or external factors.