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Cate's Ready Mix Cement Company is a monopsony


Cate's Ready Mix Cement Company is a monopsony. The table below provides information about the supply of cement technicians and the total quantity they can produce per day.

The price of a ton of cement is $10.


Wage rate ($ per day) Number of workers Q (tons per day)
25 0 0
30 1 18
35 2 34
40 3 48
45 4 60
50 5 70
55 6 78
60 7 84


When transaction cost is low and the problem of external costs is resolved through private negotiations, the theorem that applies is known as the:

A. Adam Smith theorem.

B. Property rights theorem.

C. Private market efficient theorem.

D. Emission rights theorem.

F. Pigovian theorem.

G. Case theorem.

Option 1

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