A monopsonistic employer will pay a wage rate
A. equal to MFC.
B. less than the labor's MRP.
C. greater than the labor's MRP.
D. equal to the labor's MRP.
Answer: B
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Voluntary exchange requires that there must be mutual gain
a. True b. False Indicate whether the statement is true or false
Sonya lives in a country where most companies are free to produce and sell whatever they want. However, the government regulates prices for utilities and healthcare, and restricts unfair sales practices and manufacturing processes that harm the environment. Which type of economy does Sonya’s country have?
a. traditional b. command c. market d. mixed
If you have a checking account at Citibank, the account is a liability of the bank.
Answer the following statement true (T) or false (F)
Until recently, the elasticity of demand for cigarettes by adults was such that an increase in cigarette taxes to one dollar would
A. cut adult smoking by around 10%. B. cut adult smoking by half. C. actually increase adult smoking. D. have absolutely no effect of adult smoking.