Since the National Basketball Association is the only significant employer of professional basketball players, it might be referred to as a(n)
A) oligopsony.
B) monopoly.
C) monopsony.
D) oligopolist.
Answer: C
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The price of peaches goes up and I observe you buying more strawberries. This implies strawberries must be a normal good.
Answer the following statement true (T) or false (F)
In order to increase the supply of a good, producers must
A) convince consumers to reduce the quantity demanded. B) see an increase in quantity supplied by competitors. C) reduce their per-unit costs of producing the good. D) cut back on labor to reduce production costs.
One reason Henry Ford is famous was for instituting:
A. assembly lines in an effort to reduce worker turnover. B. efficiency wages in an effort to reduce worker absenteeism. C. minimum wages in an effort to increase productivity. D. unemployment benefits in response to the first unionized workers.
The cost of producing one more unit of a good is called marginal cost
a. True b. False Indicate whether the statement is true or false