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Economics Model Answers Eleven (view source)
Revision as of 00:10, August 31, 2007
, 00:10, August 31, 2007undeadend
1. A ________________ is one and only one buyer in a market.
1. A ________________ is one and only one buyer in a market.
'''monopsony'''
'''[[monopsony]]'''
2. Why do you think an economics course spends so much studying monopolies and monopsonies?
2. Why do you think an economics course spends so much studying monopolies and monopsonies?
Intermediate:
Intermediate:
3. What is the marginal factor cost of a monopsony when it increases is wage for 10 employees from $11 to $12 in hiring an 11th employee? Show your work.
3. What is the [[marginal factor cost]] of a [[monopsony]] when it increases is wage for 10 employees from $11 to $12 in hiring an 11th employee? Show your work.
'''This is the cost of the new employee ($12) plus the additional cost of ($12-$11) for all the existing employees in raising their salary to $12. The total is thus:
'''This is the cost of the new employee ($12) plus the additional cost of ($12-$11) for all the existing employees in raising their salary to $12. The total is thus: