Every time a firm hires more labor, they get more output which …
Every time a firm hires more labor, they get more output which means more revenue. In this video we begin thinking about how much incremental benefit a firm gets from hiring one more person. Created by Sal Khan.
When there is a single buyer of labor this type of market …
When there is a single buyer of labor this type of market is called a monopsonistic labor market. Learn how this changes the analysis of labor markets and why marginal factor cost is higher than the supply of labor in such markets.
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