Compared with a competitive market, a monopsonist will pay a ________ wage and hire ________ workers.
A. higher; more
B. lower; more
C. lower; fewer
D. higher; fewer
Answer: C
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Suppose you order a slice of pepperoni pizza and a soda at a shopping mall food court. What are examples of the opportunity costs of this decision?
What will be an ideal response?
Which of the following is an example of a discretionary fiscal policy action?
A) increasing government spending to deal with a recession B) a decrease in tax revenues as taxpayers' incomes decrease C) increasing the minimum wage rate D) raising regulations in the health care industry
New classical economists contend that both the short-run and long-run aggregate supply curves are vertical
a. True b. False Indicate whether the statement is true or false
Which is a characteristic of monopolistic competition?
A. Standardized product. B. Absence of nonprice competition. C. A relatively small number of firms. D. Relatively easy entry.