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Author Question: If there is a monopsony operating in the labor market illustrated in the figure above and the ... (Read 71 times)

Kthamas

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on: Jun 29, 2018
If there is a monopsony operating in the labor market illustrated in the figure above and the federal government decides to institute a minimum wage of 8 an hour then the wage paid will ________ and the quantity of labor hired will ________.
 
  A) increase; decrease
  B) increase; increase
  C) decrease; increase
  D) decrease; decrease

Question 2

If the cross elasticity of demand between Jeep Cherokees and Chevy Lumina Vans is 1.55, then the two vehicles are not substitutes in the eyes of car buyers.
 
  Indicate whether the statement is true or false


Madisongo23

  • Sr. Member
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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

FALSE


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