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Author Question: In a monopsony labor market, the employer hires the quantity of labor where the ________ equals the ... (Read 133 times)

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In a monopsony labor market, the employer hires the quantity of labor where the ________ equals the ________.
 
  A) marginal revenue of labor; marginal cost of labor
  B) marginal cost of labor; marginal product of labor
  C) marginal product of labor; value of marginal product of labor
  D) marginal cost of labor; value of marginal product of labor

Question 2

What is a normal profit? Is it part of the firm's opportunity costs, total revenue, or neither?
 
  What will be an ideal response?



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mathjasmine

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Answer to Question 1

D

Answer to Question 2

The normal profit is the return to entrepreneurship. It is part of the firm's opportunity costs.





 

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