A monopsony is characterized as a market which has:
A. many buyers and one seller.
B. one buyer and many sellers.
C. many buyers and many sellers.
D. one buyer and one seller.
B. one buyer and many sellers.
You might also like to view...
Robert Fogel (1964) demonstrates that
(a) the social saving of the railroad was large; much of the country (over 25%) could not have been settled and cultivated without the railroad. (b) the canal and river systems of transportation could very nearly have produced the same results as the railroad in terms of land cultivated. (c) the railroad was responsible for a great "take-off" in terms of economic growth in the 19th century. (d) the railroad gave a huge boost to the iron industry because for a time it consumed well over 50% of all iron produced.
Define decreasing returns to scale, illustrating your definition with isoquants. What are some reasons why firms might experience decreasing returns to scale?
What will be an ideal response?
Because a decrease in the nominal interest rate reduces the opportunity costs of holding money, the money demand curve:
A. slopes upward. B. shifts to the right. C. slopes downward. D. shifts to the left.
What is one of the most important advantages of a free market?
What will be an ideal response?