All of the following black enterprises were considered most important during the 1930 except A) Undertakers B) barbers/beauticians C) insurance Companies D) movie houses
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All of the following black enterprises were considered most important during the 1930 except
A) Undertakers
B) barbers/beauticians
C) insurance Companies
D) movie houses
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- Refer to the graph. Comparing monopsony with pure competition in the sale of output and hiring of labor services, the difference in the wage rate will be: A: W1-W2 B: W2-W3 C: W1-W3 D: W0-W1In which of the following industries is wage determination most plausibly explained by the model of perfect competition? The model of pure monopoly? The model of bilateral monopoly? Odd-job repairs in private homes Manufacture of low-priced clothing for children Auto manufacturingThe inverse labour demand curve of a monopsonist employer is W = 42,500 – 118L, where Wis the annual salary and Lis the number of workers hired. The labor supply is given by W= 9,600 + 100L. %3D (a) The marginal expenditure equation is ME= . Do not include a comma in your answer. Please use capital letters (e.g. L not I) (b) To the nearest integer, the monopsonist would hire 数字 workers and, given that number of workers, the salary they would pay is, rounded to 2 decimal places (e.g. 4.12) 数字 . Do not include a comma in your answer.
- Question 14 For a monopsonist, the marginal factor cost is always: equal to the wage rate. less than the wage rate. greater than the wage rate the same as the labor supply. the same as the labor demand. Question 17 A monopsonist will hire more workers than will be hired in a competitive labor market. True False Question 19 Which of the following statements is true about monopsony? c and e. c, d, and e. Monopsonists exercise complete buying power. Monopsonists maximize profit by setting MRP = MFC. Monopsonists face the whole labor supply curve Question 20 A decrease in the price of the output will decrease the firm's demand for labor. True FalseSuppose a specific labour market is considered to be a monopsony. Who holds the market power and can affect wages? The buyer and seller of labour have equal power in the market as they can both affect wages. Neither the buyer nor the seller of labour has market power because the wage rate is determined by the market forces of demand and supply. The buyer of labour generally has market power and can affect wages. The seller of labour generally has market power and can affect wages. 00O“In the United States more than 50 firms produce textiles, but only 3 produce automobiles. This statistic shows that government antimonopoly policy has been applied more harshly to the textile industry than to the automobile industry.” Provide an alternative explanation for the difference in the number of firms in the two industries.
- We discussed the impacts of both a monopsony as well a monopoly on the labour market. Combine the results of these two situations to discuss the ramifications on wages and employment if a firm was both a monopoly and monopsony.A single firm is the only employer in a labour market. The marginal revenue product, labour supply, and marginal factor cost curves that it faces are displayed in the diagram below. Use this information to answer the following questions. 1. How many units of labour will this firm employ in order to maximize it's economic profits? 2. what hourly wage rate will this firm pay it's workers? 3. What is the total amount of wage payments that this firm will make to its workers each hour? per Hour ($) Wage Rate, Marginal Factor Cost, Revenue Product and Marginal 28 20 13 10 0 1 3 1 C S X MFC MRP 1000 1600 Quantity of Labour per Time PeriodAssume a monopsony uses only one factor, labor, L, to produce a final good, Q, which it sells in a competitive market at the price, p = 1. The inverse supply curve for labor is w = 20 + 2L. If the monopsony's labor demand curve is w = 70 - L, how many units of labor does it hire and at what wage? What value does the monopsony place on the last worker hired? How does the monopsony equilibrium %3D compare to the competitive equilibrium?
- There are 22 Research & Promotion Boards authorized by Congress, enacted by commodity industries. Some examples are: Cotton Board – "Cotton, The Fabric of our Lives" Cattlemen Beef Board – "Beef, It's what's for dinner" American Egg Board – "The Incredible, Edible Egg" Fluid Milk Processors Promotion Program – "Got Milk" campaign National Pork Board – "Pork, the other white meat" How do we explain the actions of these commodity boards, what are their long term incentives and goals for spending industry money on research and advertising? Does it make economic sense? Is the US consumer protein market an oligopoly market structure made from unified commodity industries (beef,pork,poultry)?Solve for and fill in the missing portions of the following table to derive the monopsonist's derived demand curve for labor and answer the following questions: Total Physical Marginal Physical Product Number of Marginal Revenue Price Workers Product Product 246 9,557.10 32.70 32.70 247 32.65 1 248 9,622.35 32.60 32.60 249 9,654.90 1 32.55 250 32.50 1 32.50 251 9,719.85 32.45 1 252 9,752.25 32.40 1 32.40 253 9,784.60 1 32.35 32.30 1 32.30 254 9,816.90 Question: What is the total physical product when the firm hires the 247th worker, and what is the marginal revenue product from hiring the 247th worker?Question: Describe how the wage rate and level of employment are determined if the labor market is purely competitive. Contrast this with the wage rate and level of employment that would exist if the labor market was controlled by a monopsonist.
