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Sagot :
It is possible for an increase in minimum wage to increase the number of workers hired in a competitive labor market, but not in a monopsony setting. False, it is possible for a Monopsony to hired more workers but the workers are hired at the same minimum wage as before the rise in minimum wages. A monopsony, as compared to a perfectly competitive firm, pays a lower wage and hires more labor.
What is a Monopsony?
A labor market in which there is only one firm demanding labor is called a monopsony.
A monopsonist is the sole demander of the labor in the market, the monopsonist's demand for labor is the market demand for labor.
Learn more about Monopsony here:
https://brainly.com/question/18559785
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