Because the marginal cost of labor curve lies above the labor ...

[luvbio]

Because the marginal cost of labor curve lies above the labor supply curve, a monopsony will pay a wage that is
 
  A) equal to the wage paid in a competitive market.
  B) equal to value of marginal product.
  C) greater than value of marginal product.
  D) less than the wage paid in a competitive market.

Question 2

The above figure shows the demand and supply curves for high-skilled and low-skilled labor. The wage differential between high-skilled and low-skilled labor is
 
  A) 4.00.
  B) 5.00.
  C) 6.00.
  D) 7.00.

[Leostella20]

Answer to Question 1

D

Answer to Question 2

B

[luvbio]

Wow, this really help

[Joy Chen]

Thanks for the timely response, appreciate it