When there is only one buyer of labor in a community, we talk of a
A) monopoly.
B) monopsony.
C) monopolistic market.
D) labor cooperative.
Answer: B
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Ronald, who consumes only hamburgers and hot dogs, has a weekly income of $50. He is currently consuming 20 hamburgers, at a price of $2 each, and 10 hot dogs, at a price of $1 each. If the last hamburger and the last hot dog both added 50 units to Ronald's total utility, he
A. is making the utility-maximizing choice. B. should buy more hamburgers and fewer hot dogs. C. should buy more hot dogs and fewer hamburgers. D. obtains more additional utility per dollar from hot dogs than from hamburgers. E. both c and d
Changes in the price level will not shift the consumption function
a. true b. false
In which of the following market structures do you find many sellers?
A. monopolistic competition B. perfect competition C. monopoly D. Both monopolistic competition and perfect competition are correct
Which of the following problems would lead an economist to use instrument variable methods?
A) The dependent variable has an impact on the independent variable. B) There are too few quarters of data. C) There are too many independent variables. D) The R2 is too high. E) The residuals are too small.