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Course: AP®︎/College Microeconomics > Unit 5

Lesson 4: Monopsonistic markets

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Monopsony: Foundational concepts

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Hogwarts is the only firm hiring teachers. The labor supply of wizardry teachers is given in the market shown here.

Wage (per day)	Quantity of labor supplied
$$ 300$ ‍	$0$ ‍
$$ 400$ ‍	$1$ ‍
$$ 500$ ‍	$2$ ‍
$$ 600$ ‍	$3$ ‍
$$ 700$ ‍	$4$ ‍

What is the marginal factor cost of the second unit of labor?