Author Question: If there is a monopsony operating in the labor market illustrated in the figure above and the ... (Read 81 times)

Kthamas

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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

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Answer to Question 1

B

Answer to Question 2

FALSE



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