The MCE exceeds the wage for a monopsony firm: A. because the government imposes higher costs...
The MCE exceeds the wage for a monopsony firm:
| A. |
because the government imposes higher costs on monopsony firms. |
|
| B. |
the firm is the only seller of the good. |
|
| C. |
because the monopsony firm faces a downward sloping demand curve for its product. |
|
| D. |
a firm must pay a higher wage not just to an additional worker but to all other workers when a new worker is hired. |
Indifference curves relating wages to risk of injury are expected to be:
| A. |
downward sloping and the wage differential needed to compensate for an additional unit of risk rises as the level of risk increases. |
|
| B. |
upward sloping and the wage differential needed to compensate for an additional unit of risk rises as the level of risk increases. |
|
| C. |
upward sloping and the wage differential needed to compensate for an additional unit of risk declines as the level of risk increases. |
|
| D. |
downward sloping and the wage differential needed to compensate for an additional unit of risk declines as the level of risk increases. |
Firms that face higher costs of reducing risks will have _______ isoprofit curves when compared to firms that can reduce risk at a lower cost.
| A. |
thicker |
|
| B. |
flatter |
|
| C. |
thinner |
|
| D. |
steeper |
Homework Answers
1. ans is b) the firm is the only seller of the good.
2. Ans is B) upward sloping and the wage differential needed to compensate for an additional unit of risk rises as the level of risk increases.
3. Ans is D) Steeper.
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