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It is possible for an increase in minimum wage to increase the number of workers hired in a competitive labor market, but not in a monopsony setting. True False

Sagot :

It is possible for an increase in minimum wage to increase the number of workers hired in a competitive labor market, but not in a monopsony setting.  False, it is possible for a Monopsony to hired more workers but the workers are hired at the same minimum wage as before the rise in minimum wages. A monopsony, as compared to a perfectly competitive firm, pays a lower wage and hires more labor.

What is a Monopsony?

A labor market in which there is only one firm demanding labor is called a monopsony.

A monopsonist is the sole demander of the labor in the market, the monopsonist's demand for labor is the market demand for labor.

Learn more about Monopsony here:

https://brainly.com/question/18559785

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