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14. What elastic properties does the ruling It is perfectly elastic as it set by the market
market wage have?
15. What is a Monopsony? There is only one buyer in the market.
16. What is the Marginal cost of labour above in
a monopsony market?

Above the average cost of labour
17. What is the ruling market wage also? Individual firms labour supply curve
18. What is the ruling market wage determined Supply and demand
by?
19. What powers do minospsonys have? They are able to drive down prices
20. Why is marginal cost of labour above the
average cost of labor in a monopsony
market?

Each time a worker is hired not only does the firm have to pay that worker a higher
wage to attract them but the firm also has to increase workers wages at the same
time