Multiple Choice
Which statement best describes the behavior of the monopsonist in the labor market?
A) It restricts its output to keep the product price high.
B) It hires less labor but pays the perfectly competitive wage rate.
C) It must pay different amounts to each unit of labor hired.
D) It hires less labor and pays a lower wage rate than in the perfectly competitive case.
Correct Answer:
Verified
Correct Answer:
Verified
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