A bilateral monopoly is a situation where a firm is:
A. A monopoly in its product market and is a monopsony in its labor market
B. The only employer of a resource and is acquiring that resource from a single supplier
C. One of only two firms that produce a particular product
D. The only buyer of a resource and also the only seller of a product
B. The only employer of a resource and is acquiring that resource from a single supplier
You might also like to view...
Which of the following is TRUE regarding the real wage rate? The real wage rate
I. is always greater than the money wage. II. measures the quantity of goods and services an hour's work can buy. A) only I B) only II C) both I and II D) neither I nor II
The biggest disadvantage of a fixed exchange rate is the
A) increased probability of high inflation. B) tradeoff between supporting the exchange rate and adjusting the trade balance. C) tradeoff between supporting the exchange rate and maintaining economic growth. D) increased probability of a trade deficit. E) tradeoff between supporting the exchange rate and maintaining a balanced budget.
Which is the most important category of Fed assets?
A) securities B) discount loans C) gold and SDR certificates D) cash items in the process of collection
What is TRUE about every point along a production possibilities frontier?
A) Both people are maximizing utility. B) It is impossible to increase production of either good. C) All allocations are efficient. D) It includes some unattainable points.