The profit-maximizing number of workers for a monopsony to employ is derived at the point where the marginal revenue product of labor is equal to the marginal factor cost of labor.
a. True
b. False
Indicate whether the statement is true or false
Question 2
If a product has an elastic demand, it means that:
a. consumers are relatively sensitive to a change in the price of the product.
b. consumers are relatively insensitive to a change in the quantity demanded of the product.
c. consumers are relatively insensitive to a change in the price of the product.
d. producers are relatively insensitive to a change in the price of the product.
e. producers are relatively sensitive to a change in the quantity demanded of the product.
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