When its workers have unionized, the monopsonist hires labor until the marginal revenue product is
a. greater than the marginal labor cost
b. equal to the marginal labor cost
c. less than the marginal labor cost
d. equal to the union dues plus the wage
e. high enough to generate a return to monopsony power
B
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An industry in which total costs are kept to a minimum because only one firm serves the whole market is called a:
a. natural monopoly. b. competitive monopoly. c. patent monopoly. d. limit monopoly.
Given the following data, what is the distance from the origin to the point where the total expenditures (TE) curve cuts the vertical axis? C = $800 + 0.85Yd I = $350 G = $420
A) $1,570 B) $1,150 C) $1,220 D) $770 E) ?$1,220.85
The model of aggregate demand and aggregate supply explains the relationship between
a. the price and quantity of a particular good. b. unemployment and output. c. wages and employment. d. real GDP and the price level.
Sarah used to be a music teacher at a local school, but got let go last year due to budget cuts. Sarah now works part-time as a waitress while looking for another teaching job. Sarah would be considered:
A. frictionally unemployed. B. structurally unemployed. C. underemployed. D. real-wage unemployed.