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Masja [62]
3 years ago
12

Explain why the monopsonist's marginal-revenue-product curve is downward sloping. Include the role of the price for the final go

od or service in your answer.
Business
1 answer:
alekssr [168]3 years ago
3 0

Answer:

A monopsony is market where there is only one buyer, e.g. the government is the sole buyer for nuclear submarines in the US.

The demand curve of a monopsony is similar to the demand curve of any other type of market, i.e. it is downward sloping. Since there is only 1 buyer, the demand curve is also the supply curve. If the monopsonist wants to increase the quantity demanded at a lower price, the supplier (or suppliers) must be able to lower its costs and that generally results in lower labor costs.

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The supply of a product or the units of a product that is offered to potential customers should always meet the number of real customers. In the same way, the price of the product should meet the price customers are willing to pay.

In this context, the best is that only firm A and C cut hair, this is because their prices per cut ($25 and $30) match the consumers' willingness to pay this includes Lorenzo ($35), Gilberto ($50), Juanita ($40) and Neha ($25).

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Moreover, this implies each firm needs to do at least 2 haircuts to cover all the possible customers.

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4 0
2 years ago
Caroline Perfumes is a premium, exotic women's fragrance company. The manufacturers of Caroline Perfumes
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c. To focus on establishing a brand name

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The Securities and Exchange Commission was a New Deal program designed to regulate stock market.

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