Consider Figure 29-6. Suppose that the vertical distance to point A is $50 per hour, that the

Question:

Consider Figure 29-6. Suppose that the vertical distance to point A is $50 per hour, that the value of Wm is $20 per hour, and that Qm is 1,000 worker-hours. How much more or less each hour does the monopsonist have to pay each worker as an hourly wage rate to attract 1,000 worker-hours of labor input than the additional cost that the firm incurs in hiring the 1,000th unit of labor?