Suppose Alcoa Inc is a monopsonist employer. Using the concept of marginal factor cost, each time Alcoa increases the number of workers it hires, it will:
Answer: pay a higher wage, resulting in an even higher marginal factor cost
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If US consumers want to buy Chinese goods, they will
a. Buy Yuan and sell US Dollars b. Sell Yuan and buy US Dollars c. Neither buy nor sell Yuan d. Neither buy nor sell dollars
If natural gas is replaced by solar power as a more efficient form of energy, we should expect _____
a. a leftward shift of the aggregate supply curve b. higher production prices at every output level c. a decline in the growth of total output d. a decrease in the stock of energy-efficient capital goods e. an increase in total factor productivity
Analysis that aims at determining only the economic consequences of a particular policy is called ________ analysis.
A. positive B. normative C. monetary D. fiscal
A market in which there is only one seller, and there is no close substitute for the product being sold, is called
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.