If a Monopsony Faces an Elasticity of Labor Supply of 3

question 18

Multiple Choice

If a monopsony faces an elasticity of labor supply of 3 and a marginal expenditure of $120, it will offer a wage of:

• A) 100.
• B) 50.
• C) 25.
• D) 40.

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Definitions:

Retentive

The term Retentive in the context of PLC programming refers to memory or instructions that maintain their status or value even after the PLC is powered off or reset.

Pressure Switch

A device that makes or breaks an electrical connection in response to a change in pressure.

Selector Switch

A control device with multiple positions that allows the user to select different functions or settings.

Limit Switch

A device used to detect the presence or absence, passing, or end position of an object by making or breaking an electrical connection.