Question

Quantity of LaborHourly Wage RateTotal Marginal Wage Bill Factor Cost
0-- -
1$10
212
314
416
518
620

In the above table, if the marginal revenue product is $18, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?

A) 5; $18

B) 3; $14

C) 3; $18

D) 4; $16

Answer

This answer is hidden. It contains 1 characters.