Under the non-strategic view of bargaining, the terms of agreement are determined by
a. Your opponent's eagerness to reach agreement
b. Your outside options
c. Your opponents gain from agreement
d. All of the above
d
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Which of the following statements is TRUE when comparing monopsony and competitive labor markets?
A) The monopsony hires more workers but pays a lower wage. B) The monopsony hires more workers at a higher wage. C) The monopsonist's wage is lower and quantity of labor higher than would prevail under competition. D) The monopsonist's wage and quantity of labor are lower than would prevail under perfect competition.
Assuming price elasticity of demand is reported as an absolute value, an elastic demand has an elasticity:
A. greater than one. B. less than one. C. exactly one. D. greater than zero and less than one.
The conundrum between valuable water and a relatively unusable diamond is explained by the
a) Paradox of life. b) Paradox of count. c) Paradox of utility. d) Paradox of value.
A dependent variable is also known as a(n) _____.
A. explanatory variable B. control variable C. predictor variable D. response variable