What effect does a binding minimum wage have on a monopsony labor market?

 Question: What effect does a binding minimum wage have on a monopsony labor market?

Solution: A monopsony labor market is a type of market structure where there is one employer and many laborers looking for work with that employer.

Minimum wage rate in a monopsony labor market will cause firms to still operate at the point marginal factor cost curve equals marginal revenue product curve.

When firms are forced to pay a set minimum wage, MRP increases because of increased output along with increase in costs. This will result in increased employment.

Unlike competitive firms, where employment falls due to minimum wage, in case of monopsony, it increases.

When is a firm’s shutdown point equal to the minimum point on its average cost curve?

 Question: When is a firm’s shutdown point equal to the minimum point on its average cost curve?

Solution: A firm’s shutdown point is equal to the minimum point on its average cost curve in the short run. This is because the average cost comprises of the sum of average fixed cost and the average variable cost. The average fixed cost has to be incurred by the firm even if the firm makes no business. Thus when a firm shuts down in the short run it will equal to the minimum point on its average cost curve.

Cybersecurity Awareness Training Quiz

Question 1: Cyber criminals only target big businesses.
True
False

Solution: False

Question 2: Cybersecurity awareness is only for IT and technical people.
True
False

Solution: False

Question 3: Technology alone can protect me from internet dangers.
True
False

Solution: False

Question 4: Backups are an important part of cybersecurity.
True
False

Solution: True

Question 5: Operating systems are the only updates I need to worry about.
True
False

Solution: False

Question 6: Microsoft recommends using Internet Explorer to browse the internet.
True
False

Solution: False

Question 7: Password managers can store difficult to remember passwords.
True
False

Solution: True

Question 8: I should use a separate password for every account I have.
True
False

Solution: True

 Question 9: The name of your pet or child makes a great password.
True
False

Solution: False

Question 10: I only need to worry about links sent through email.
True
False

Solution: False

Question 11: I can open attachments because my anti-virus will catch anything malicious.
True
False

Solution: False

 Question 12: Attackers will often use...
Select all answers that apply (more than one)
spoofed phone numbers
a sense of urgency
hacked accounts or devices of people you know
none of these

Solution: spoofed phone numbers
a sense of urgency
hacked accounts or devices of people you know

Question 13: I can safely plug in a USB drive I found in the parking lot.
True
False

Solution:  False

Question 14: Encryption can be used by both the good guys and the bad guys.
True
False

Solution: True

Question 15: A green padlock means a website is legitimate and safe to input your user credentials.
True
False

Solution: False

Question 16: Sharing photos while on vacation can tip off criminals that you are not home.
True
False

Solution: True

Question 17: Microsoft or Apple might call you in extreme circumstances when your computer is compromised.
True
False

Solution: False

Question 18: A caller's phone number (called ID) is a great way to verify who they are.
True
False

Solution: False