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Why does a monopsonist's cost of labor exceed the wage rate? a) Because monopsonists are not legally bound by minimum wages as much as competitive

Why does a monopsonist's cost of labor exceed the wage rate?

a) Because monopsonists are not legally bound by minimum wages as much as competitive firms are.

b) Because it charges more for its products than a competitive firm.

c) Because of the influence of unions.

d) Because hiring more than one worker requires paying a higher wage rate for both the new worker and all previous hires.

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