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Question
| Quantity of Labor | Hourly Wage Rate | Total Marginal Wage Bill Factor Cost |
| 0 | - | - - |
| 1 | $10 | |
| 2 | 12 | |
| 3 | 14 | |
| 4 | 16 | |
| 5 | 18 | |
| 6 | 20 |
In the above table, if the marginal revenue product is $16, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?
A) 5; $18
B) 5; $16
C) 4; $16
D) 6; $30
Answer
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