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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Definitions:

Safety Legislation

Laws and regulations enacted to ensure the protection and well-being of individuals by minimizing risks and hazards.

Danger Pay

Additional compensation provided to employees who work in conditions that are considered hazardous or risky.

Employment Standards Laws

Regulations that define the rights and responsibilities of employees and employers in the workplace.

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The lowest legal hourly rate of pay that an employer can compensate workers, set by government law or regulation.