A Monopsonist That Faces a Labor Supply Curve of the Form

question 11

Multiple Choice

A monopsonist that faces a labor supply curve of the form l = 4w and has a constant marginal revenue product of 50 per unit of l,will opt for the following,w,l combination:

• A)w = 10 l = 40.
• B)w = 25 l = 100.
• C)w = 50 l = 200.
• D)w = 100 l = 400.

Grasp the concept and significance of paradoxical sleep.

Identify various sleep disorders and their characteristics.

Differentiate between intelligence tests and other psychological assessments.

Understand the standardization of intelligence tests.

---

Definitions:

Consumer Surplus

The economic benefit enjoyed by consumers when they pay less for a product than what they were prepared to pay.

Producer Surplus

The financial gap between the price sellers are willing to accept for goods or services and the price they eventually get.

Price Floor

A legal minimum on the price at which a good can be sold.

Consumer Surplus

The variation in the comprehensive amount consumers are willing to layout for a good or service and the actual layout.