A bilateral monopoly means
A) that a monopsonistic employer bargains with two unions.
B) that a monopsonistic employer bargains with both an industrial and a craft union.
C) that a monopsonistic employer bargains with a monopoly.
D) that an industrial union bargains with a two-firm oligopoly.
Answer: C
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If you were to ask your employer for a raise, which of the following would be your most effective argument?
A) "My marginal product is greater than my current wage." B) "I am willing to work more hours each week." C) "Increases in my productivity have resulted in greater revenue and profits for your business." D) "I have a job offer at another firm that will pay me more than my current wage."
Using graphs to illustrate the concepts, absolute advantage
A. is shown with differences in slope of a production possibilities curve; comparative advantage is shown with a lower curve. B. requires a very steep curve; comparative advantage requires a curve with a shallow slope. C. on one good requires that the slope of the production possibilities curve be steeper for that good. D. is shown with a higher production possibilities curve; comparative advantage is shown with differences in slope of the curves.
A creator of an action movie who wants to protect their intellectual property would apply for which of the following?
A) a trade secret B) a copyright C) a patent D) a trademark
An increase in population can be expected to
a. increase the marginal product of land. b. decrease the supply of land. c. decrease the rents on land. d. decrease the demand for land.