3. The marginal labor cost a. curve is identical to the monopsonists supply curve of labor. b....
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3. The marginal labor cost
a. curve is identical to the monopsonist’s supply curve of labor.
b. represents what the monopsonist pays each laborer, which is typically lower than the wage rate on the labor market.
c. represents what the monopsonist pays each laborer, which is typically higher than the wage rate on the labor market.
d. is the cost to the monopsonist of hiring an additional laborer.
e. is the total wage bill that the monopsonist pays its laborers.
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