Bilateral monopoly exists when
A. there are two competing labor unions in a labor market.
B. there is either a monopoly or a monopsony in the market.
C. there is a monopoly and a monopsony in a market.
D. a firm is both a monopolist in its output market and a monopsonist in the input market.
Answer: C
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Refer to Figure 14.1. Other things equal, an increase in the Fed's concern about deviations of inflation from the target inflation rate is best represented as a movement from
A) point X to point Z. B) point Z to point X. C) point Z to point Y. D) point Y to point X.
In deciding which programs the government should fund with tax revenues there is:
A. perfect consensus before a program is funded. B. often widespread disagreement. C. always a popular vote for new programs. D. the ability of each individual to decide where his tax dollars are spent.
In Japan, the market value of the land is approximately four times that of all the land in the United States, even though Japan is only about the size of California. The most likely explanation for this fact is
A. greater demand for land in Japan relative to the supply than in the United States. B. land is very productive in Japan. C. land is not fixed in supply in the United States. D. Japanese workers are very productive.
Diseconomies of scale are reflected in
A. The upward-sloping segment of the long-run average total cost curve. B. A downward shift of the long-run average total cost curve. C. The downward-sloping segment of the long-run average total cost curve. D. The downward-sloping segment of the long-run marginal cost curve.