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Author Question: A monopolist union that desired to maximize its total wage bill ( ) would offer that quantity of ... (Read 45 times)

P68T

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on: Jul 1, 2018
A monopolist union that desired to maximize its total wage bill ( ) would offer that quantity of labor for which
 a. labor's marginal productivity is zero.
  b. labor's wage falls to zero.
  c. the quantity of labor hired is as great as possible given the firm's demand curve.
  d. the marginal revenue from providing one more worker to the market is zero.

Question 2

Consider two situations: In situation A the production of widgets is monopolized by a single firm. In situation B the production of widgets is perfectly competitive. In both situations the supply of labor to widget makers is infinitely elastic at a wage of w. Which of the following statements is true?
 a. The marginal value product of labor will be the same in the two cases.
  b. The marginal value product of labor is higher in case B than in case A.
  c. The marginal value product of labor is higher in case A than in case B.
  d. From the information given it is not possible to make a definite statement about the marginal value product of labor.


randomguy133

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Reply #1 on: Jul 1, 2018
Answer to Question 1

d

Answer to Question 2

c


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