The Figure Given Below Represents Equilibrium in the Labor Market

question 33

Multiple Choice

The figure given below represents equilibrium in the labor market.Figure 14.5
In the figure,
VMP: Value of marginal product curve
MRP: Marginal revenue product curve
MFC: Marginal factor cost
S: Supply curve of labor

-In Figure 14.5, the firm is:

• A)a monopsonist in the labor market and a perfect competitor in the output market.
• B)a monopsonist in the labor market and a monopolist in the output market.
• C)a perfect competitor in all markets.
• D)a perfect competitor in the labor market and a monopolist in the output market.
• E)either a monopolist or a monopsonist, but not both.

---

Definitions:

Water Guns

Toy guns designed to shoot water with varying degrees of force, often used for recreation and play, especially in warm weather.

Alabama National Guard

A component of the U.S. National Guard based in Alabama, serving both state and federal governments in emergency situations and military conflicts.

Transactional Role

The aspect of a job that involves routine duties and day-to-day administration rather than strategic planning or relationship building.

Information Technology

The use of computers, storage, networking, and other physical devices, infrastructure, and processes to create, process, store, secure, and exchange all forms of electronic data.