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Economic Rent
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Period 1
Period 2
Period 3
Period 4
Period 5
The income of Joe Mauer that is paid above the minimum payment needed to acquire his skills to play for the Twins.
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1 point
Marginal rent
Pure profit
Economic rent
All of the above are correct
Using the graph below. Suppose that through an employers association, firms in this industry establish a monopsony in the hiring of labor. In this case, the wage rate will be
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W, and L1 workers will be hired.
W1, and L1 workers will be hired.
W2, and L1 workers will be hired.
W1, and L2 workers will be hired.
W3, and L1 workers will be hired.
Using the graph above. Assume that workers react to the formation of this monopsony by establishing an inclusive union. To what level can this union increase the wage rate without causing the number of jobs to decline below that which the monopsony would otherwise provide?
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1 point
W, and L1 workers will be hired.
W1, and L1 workers will be hired.
W2, and L1 workers will be hired.
W2, and L2 workers will be hired.
W3, and L workers will be hired.
Using the same graph. Under perfectly competitive conditions in the product and labor markets, the wage rate will be
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1 point
W
W1
W2
W3
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