The Following Figure Represents the Equilibrium in the Labor Market

question 49

Multiple Choice

The following figure represents the equilibrium in the labor market.Figure 14.4
In the figure,
MFC: Marginal Factor Cost curve
D: Demand or the Marginal Revenue Product curve
S: Supply curve
-A monopsonist firm pays a price to a factor that is:

• A)equal to the marginal revenue product of the factor.
• B)greater than the marginal revenue product of the factor.
• C)equal to the marginal factor cost.
• D)greater than the marginal factor cost.
• E)less than the marginal revenue product of the factor.

---

Definitions:

Right Lung

The larger lung of the human body, located on the right side, divided into three lobes.

Inferior Lobe

The lower section or division of an organ, most commonly referred to in the context of the lungs or the brain.

Medial Lobe

Typically refers to a section of an organ or brain that is situated towards the middle of the body.

Carbon Dioxide

A colorless, odorless gas produced by burning carbon and organic compounds and by respiration.