The Gap Between the Value a Monopsony Places on the Last

question 74

Multiple Choice

The gap between the value a monopsony places on the last worker hired and the wage paid will increase when

• A) the supply curve becomes more elastic at the optimum.
• B) the supply curve becomes less elastic at the optimum.
• C) the supply curve becomes horizontal.
• D) the value of the last unit of labor hired is greater than the cost.

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Definitions:

Marketplace

An economic term describing a space or system where goods and services are exchanged between buyers and sellers.

Closed Places

Refers to confined or restricted spatial areas that may induce feelings of entrapment or claustrophobia.

Blood-Injection-Injury Type Phobias

Extreme fears of seeing blood or an injury or of receiving an injection or another invasive medical procedure, which cause a drop in heart rate and blood pressure and fainting.

Natural Environment Type Phobias

Fears associated with objects or situations in the natural environment, such as heights, water, or animals.