The labor market in professional baseball is an example of
A. a monopsonistic labor market.
B. a monopolistic labor market.
C. a bilateral monopoly.
D. a perfectly competitive labor market.
Answer: C
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All else equal, in which oligopolistic market below would one expect the markup to be the smallest?
A. An oligopolistic market with inelastic demand and a very few firms B. An oligopolistic market with elastic demand and a very few firms C. An oligopolistic market with inelastic demand and a greater number of firms D. An oligopolistic market with elastic demand and a greater number of firms
If households save $0.40 of each additional dollar of increased income and spend the rest, the expenditure multiplier will be
A) 1.67. B) 2.5. C) 4. D) 6.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.
The social costs of an activity are greater than the private costs of the activity when
A) a person does not pay all costs associated with a particular resource-using activity. B) the internal costs of the resource-using activity are less than the external costs of the activity. C) the internal costs of the resource-using activity are positive. D) the external costs of the resource-using activity are zero.