The percentage "markdown" due to monopsony power is equal to ________
A) (P - MC)/P
B) 1/ED
C) (MV - P)/P
D) P[1 + (1/ED)]
C
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Who is associated with the following summary of the economic way of thinking: "The theory of economics does not furnish a body of settled conclusions immediately acceptable to policy
It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its processer draw correct conclusions." A) Adam Smith B) John Maynard Keynes C) President Harry Truman D) Alfred Marshall
Which of the following is true?
A) All of the above are true. B) The parents of successful entrepreneurs almost always have at least a college education. C) Successful entrepreneurs are good at discovering profitable opportunities that have been overlooked by others. D) Entrepreneurs are under-represented among millionaires.
The graph above shows cost curves for a perfectly competitive firm. If market price is $5, how much output will the firm produce?
A. 600 units B. 500 units C. 0 units D. 200 units
An inheritance is an example of ________ income.
A. non-disposable B. invisible C. hourly D. nonlabor