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If a company needs to hire employees during a work shortage, how would they utilize the...

If a company needs to hire employees during a work shortage, how would they utilize the "Increase of supply" and "monopsony" concepts in order to attract potential employees?

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Answer #1

A labour market in which there is only one firm demanding labour is called a monopsony. The single firm in the market is referred to as the monopsonist.

If the monipsonist wants to increase the number of workers that it hires, it must increase the wages that it pays to all of its workers, including those whom it currently employs.

suppose the monopsonist wants to increase the number of workers that it hires from 5 to 6. In order to attract the six worker , the monopsonist must offer an daily wages of Rs. 600 instead of Rs. 500

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