Why is a monopsony a negative situation for a worker?
a. Wages are lower than in a competitive labor market.
b. Their workplace is not in a convenient location.
c. Increased hiring causes workplace overcrowding.
d. They have better options for employment nearby.
a. Wages are lower than in a competitive labor market.
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During the postbellum period, per capita real output could not keep pace with population growth
Indicate whether the statement is true or false
When maximizing economic growth is a country's goal it:
A. creates a perfect correlation to happiness, if the money is allocated fairly. B. everyone in the economy will be better off if it obtains its goal. C. may work in opposition to the country's happiness in terms of satisfaction gained from leisure. D. increases the correlation to the country's happiness, because more money makes people happier.
Every firm that has the ability to affect the price of the good or service it sells will
A) have a perfectly elastic demand curve. B) have a marginal revenue curve that lies below its demand curve. C) earn a short-run profit but break even in the long run. D) shut down in the short run.
Economic growth is best defined as an increase in:
What will be an ideal response?