A monopsonist in the labor market has
A. an upward sloping labor supply curve.
B. a perfectly elastic labor supply.
C. an upward sloping marginal revenue product curve.
D. a decreasing average variable cost.
Answer: A
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Modeling trade in imperfectly competitive industries is problematic because
A) there is no single generally accepted model of behavior by imperfectly competitive firms. B) there are no models of imperfectly competitive behavior. C) it is difficult to find an imperfectly competitive firm in the real world. D) collusion among imperfectly competitive firms makes usable data rare. E) there is only a single model of imperfect competition (monopoly) but imperfect competition can take many forms in the real world.
The very low interest rates following the financial crisis of 2007-2009 resulted in:
A) many people moving their funds from CDs and money market accounts to checking accounts in order to have more liquidity without sacrificing much interest B) funds being transferred from checking accounts to time deposits C) further declines in checking accounts that began in the early 1970s D) people switching their funds from checking deposits to CDs in the pursuit of higher interest rates
If player R moves first in the game in Scenario 13.14, the equilibrium will
A) not be different from what it is in the simultaneous-move scenario. B) be to R's detriment because it will not be able to react to C's choice. C) be one in which R chooses 50 and C chooses 150. D) be one in which R chooses 100 and C chooses 50. E) be one in which R chooses 150 and C chooses 50.
On a production possibilities curve, the opportunity cost of good X, in terms of good Y, is represented by the:
a. distance to the curve from the vertical axis. b. distance to the curve from the horizontal axis. c. movement along the curve. d. all of these.