A firm can hire one worker at $100 per day, two workers at $110 per worker per
Question:
worker per day, three workers at $120 per worker per day, and so forth (each added worker adding $10 to all workers’ daily wage). The MRP for all workers is $200.
a. How many workers will it hire? What wage will it pay?
b. If the input market were competitive, such that there were many firms, each hiring only one worker, how many would be hired?
What wage would they be paid?
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a The firm is a monopsony The first workers MFC is 100 the second workers MFC is 120 the third 140 ...View the full answer
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