Which of the following correctly describes a factor that will increase a firm's monopsony power? 0 the interaction among buyers results in aggressive competition, the rms AE curve will be more inelastic O as producers become more sensitive to price, the difference between ME and AE increases 0 as the number of buyers decreases, no single buyer can have much inuence over the price 0 as the market supply curve becomes less elastic, the difference between AE and ME increases Why is there a social cost to monopsony power? 0 since the price is above MC, the amount produced and sold is greater than the competitive equilibrium, which results in a net loss in welfare 0 since the price is below MC, the amount produced and sold is greater than the competitive equilibrium, which results in a net loss in welfare 0 since the price is below MC, the amount produced and sold is less than the competitive equilibrium, which results in a net loss in welfare 0 since the price is above MC, the amount produced and sold is less than the competitive equilibrium, which results in a net loss in welfare In which of the following labor markets is there likely to be substantial monopsony power? 0 the market for counter help at fast food restaurants 0 the market for university professors O the market for website developers 0 the market for coal miners in a small mountain town Agribusiness rm ABC is the only buyer of good X. The demand for X is P=640-2Q, where P is the price per unit in USD per unit, and Q is 10005 of good X. The supply of X is P=40+Q, this is the AE of X. Since ABC is a monopsony buyer, it will buy how many thousand units of X? 0 160 O 150 O 130 O 145