For a monopsony buyer of an input, the marginal expenditure curve
A) lies above the average expenditure curve.
B) lies below the average expenditure curve.
C) is identical to the average expenditure curve.
D) lies below the input demand curve.
A
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Resale price maintenance is a kind of ________ restraint and it ________ legal.
A) vertical; can be B) horizontal; is never C) vertical; is never D) horizontal; can be
The sign of the price elasticity coefficient for a normal good will:
A. always be negative. B. always be positive. C. be positive if demand is elastic but negative if demand is inelastic. D. be positive if demand is inelastic but negative if demand is elastic.
Monopolies are characterized by a firm demand curve that is more elastic than the market demand curve.
Answer the following statement true (T) or false (F)
Current concern about Social Security is that
A. the fund might be depleted before long and might not be there for workers who retire later. B. the fund is growing too rapidly and would trigger inflation. C. the government is planning to phase out the program. D. none of these