Because a perfectly competitive employers MRC curve is _________, it will hire _

Question

Because a perfectly competitive employers MRC curve is _________, it will hire ________ workers than would a monopsony empployer with the same MRP curve.

The market equillibrium wage is currently @12 per hour among hairdressers. At that wage, 17, 323 hairdressers are currently employed in that state. The state legislature then sets the minimum wage at $11.50 per hour for hairdressers. If there is no change to either the demand or supply for hairdressers when the mininum wage is imposed, the number of hairdressers employed in the state will be

On average, 50 yearold workers are paid several times more than workers in their teens and twenties. Which of the following options is most likely ex[lanation for that huge difference in average earnings?

Explanation / Answer

Dear Student, only one question is allowed at a time.

1) Because a perfectly competitive employers MRC curve is horizontal, it will hire fewer workers than would a monopsony empployer with the same MRP curve.

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