Jacob Clifford
Resource Market, MRP and MRC
Young economists practice calculating the number of workers a firm should hire in a perfectly competitive labor market to maximize profit, as well as the given output of a perfectly competitive product market.
Khan Academy
Khan Academy: A Monopsonistic Market for Labor
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. [9:23]