Consider the monopsony in the above figure. The monopsony will hire ________ hours per week
A) 200
B) 400
C) 600
D) None of the above answers is correct.
A
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A lump-sum tax is a(n) ________
A) progressive tax B) regressive tax C) proportional tax D) ordinal tax
Perfect competition is characterized by a large number of buyers and sellers with identical products and no significant barriers to entry
a. True b. False Indicate whether the statement is true or false
Private property rights involve
a. the right to exclusive use of the property. b. legal protection against those who would seek to use or abuse the property without the owner's permission. c. the right to transfer, sell, exchange, or mortgage the property. d. all of the above.
The table below shows the marginal benefit and marginal cost of purchasing an additional unit of 3 different public goods. Marginal benefitMarginal costTotal spending on the public goodPublic good 1$20$20$1,500Public good 2$15$25$800Public good 3$10$5$700 Total economic surplus could be increased by reallocating total spending away from
A. public good 2 toward public good 3. B. public good 2 toward public good 1. C. public good 1 toward public good 3. D. public good 3 toward public good 1.