Because a monopsony is the only buyer in a particular market, the ...

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Because a monopsony is the only buyer in a particular market, the
 
  A) supply of labor to the monopsony is perfectly elastic.
  B) supply of labor to the monopsony is perfectly inelastic.
  C) supply of labor curve faced by the monopsony is upward sloping.
  D) supply of labor curve faced by the monopsony is downward sloping.

Question 2

The diagram above depicts the market demand for, and market price of, buckets of raw oysters in Orlando.
 
  a) What is the consumer surplus of the person who buys the 100th bucket of oysters? b) What is the consumer surplus of the person who buys the 200th bucket of oysters? c) What is the consumer surplus of the person who buys the 300th bucket of oysters? d) What is the consumer surplus in the market?

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Answer to Question 1

C

Answer to Question 2

a) The consumer surplus of the person who buys the 100th bucket of oysters is 6.
b) The consumer surplus of the person who buys the 200th bucket of oysters is 3.
c) The consumer surplus of the person who buys the 300th bucket of oysters is 0.
d) The consumer surplus in the market is 1,350.