A Monopsonist Only Uses Labor to Produce an Output According

question 6

Multiple Choice

A monopsonist only uses labor to produce an output according to production function Q = 2L, where Q is output and L is labor. The output sells for a price of $20 per unit. The supply curve for labor can be written w = 4+L. What is the monopsonist's demand for labor in this market?

• A)L = 12.
• B)L = 18.
• C)L = 22.
• D)L = 24.

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Definitions:

Social Loafer

An individual who contributes less effort to a collaborative task when part of a group than when working alone.

Group Decision Making

The process by which multiple individuals come together to analyze problems, consider options, and agree upon a course of action.

Collaborative Brainstorming

A group creativity technique by which efforts are made collectively to find a conclusion for a specific problem by gathering a list of ideas spontaneously contributed by its members.

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