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Which of the following statements about a monopsonistic labor market is true?

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Martebiidn

There are different kinds of market. The statement about a monopolistic labor market that is true is that the marginal factor cost of labor is greater than the wage rate.

  • A monopolistic labor market is commonly described as a type of market where only one buyer of labor exist but there are a lot of sellers.

This is known to influence or leads to changes in the analysis of labor markets and the marginal factor cost is said to be more higher than the supply of labor in this kind of market.

Conclusively, in this type of market, the employer has the main buying power over their potential employees and this making them to have the wage-setting power in the labor market.

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Which of the following statements is true about a monopsony labor market?

answer choices

The marginal factor cost of labor is greater than the wage rate

There is one seller and many buyers.

The firm can set wages at whatever price they want.

There are no profits.

The profit maximizing choice of labor will be at the intersection of labor supply and labor demand.

Learn more about labor market from:

https://brainly.com/question/7441648

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