The Figure Given Below Represents Equilibrium in the Labor Market

question 30

Multiple Choice

The figure given below represents equilibrium in the labor market with the demand and supply curves of labor.Figure 14.6
In the figure,
D = MRP implies demand for labor = Marginal Revenue Product
MFC represents Marginal Factor Cost curve
S represents the supply curve of labor

-According to Figure 14.6, what is the wage paid by a monopsonist?

• A)$10
• B)$23
• C)$20
• D)$12
• E)$15

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Definitions:

Gender

Gender refers to the roles, behaviors, activities, expectations, and societal norms constructed by society for individuals based on their sex, rather than the biological aspects of sex characteristics.

Benevolent Sexism

A form of sexism that is disguised as positive or affectionate attitudes towards women, ultimately serving to justify and maintain gender inequality.

Disliked

The feeling of not being favorable or agreeable to someone or something.

Disrespected

Feeling undervalued, underestimated, or unfairly treated by others, often leading to feelings of injustice or anger.