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AP Micro Topic 5.4 Monopsonistic Markets Part 2: Monopsony Practice: Use the graph for a non-wage discriminating monopsony to answer the following questions. 6. Identify the wage and quantity that $18 would exists if this were a perfectly MRC Supply competitive market. Wage $16 7. Assume instead that this firm is a $14 monopsony. Identify the profit maximizing wage and quantity. $12 8. What is the total labor cost for this $10 monopsonist? $8 9. Unlike the monopoly graph, this graph does not directly show profit. $6 What additional information would you need to figure out how much $4 MRP profit this firm is earning? $2 D 10. Assume that the government 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 establishes a minimum wage at $9. Quantity of Labor How many workers would this monopsonist hire? 11. Assume that the productivity of these workers increased significantly. What will happen to the equilibrium wage and quantity? Explain. 12. Explain why the marginal resource cost (MRC) for a monopsonist is greater than the supply of labor. Part 3 - Stretch Your Thinking- Answer the question. 13. Some people consider college athletics an example of a monopsony. Do you think that college athletes, like college football players, should be paid by their universities? Justify your opinion. Do not post onli