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:

Centrioles

Cylinder-shaped structures found in most eukaryotic cells that play a significant role in cell division.

Spindle Fibers

Microtubule structures that form during cell division, crucial for separating chromosomes into daughter cells.

Midline

The midline refers to an imaginary line that divides the body into equal right and left halves, often used as a reference point in anatomy and medical diagnoses.

Equal Halves

Dividing something into two portions of the same size and proportion.