A monopsony is a market in which
a. one firm is the sole producer of a good or service.
b. one firm is the sole buyer of a good or service.
c. firms encourage competition by starting "price wars" among competitors.
d. firms collude in setting prices and levels of output.
b. one firm is the sole buyer of a good or service.
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Advocates of government-run employment agencies and public training programs believe they make job search more efficient
a. True b. False Indicate whether the statement is true or false
A credit card is a form of money.
Answer the following statement true (T) or false (F)
When the marginal product curve lies above the average product curve
A. the average product curve must be falling. B. the average product curve must be rising. C. the total product curve must be falling. D. the marginal product curve must be rising.
The difference between the maximum price a consumer is willing to pay for a product and the actual price the consumer pays is called:
A. Utility B. Consumer Surplus C. Consumer Demand D. Market failure