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Alona [7]
3 years ago
7

Senator approxmire opposes a proposal requiring that the monopsonist pay a minimum wage of at least wmin, stating: "even if the

labor market is monopsonistic, economic theory unambiguously demonstrates that imposing a minimum wage causes employment to fall." senator approxmire is:
Business
1 answer:
mihalych1998 [28]3 years ago
6 0
Senator approxmire is  Incorrect because the monopsonist's effective MRC curve becomes ABCD, which means that it<span> would choose to hire more workers, from L1 to L2, following the imposition of the minimum wage.
When monopsonist exist, the majority of workers within a certain area will be employed by a single entity. When we enacted minimum wage, indeed the company's salary expense will be increased, but this will goes along with the total productivity increased by the happy employees.</span>
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