Solved

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.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q1: For a monopolist:<br>A)selling price is greater than

Q2: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8502/.jpg" alt=" -Based on the

Q3: A monopoly market is one with:<br>A)one buyer

Q4: The inverse elasticity pricing rule says that

Q5: A monopoly market consists of a single

Q7: A group of producers that collusively determines

Q8: The monopolist's profit-maximizing price will be greater

Q9: Price equals average revenue at the profit-maximizing

Q10: Firms producing differentiated products face downward-sloping demand.

Q11: A monopolist owns two plants in