When the National Hockey League locked out the hockey players in an effort to negotiate a salary cap with the players' union, it was an example of conflict:
A. within monopolistic competition.
B. between monopsony on the employers' side and competition on the union's side.
C. within a bilateral monopoly.
D. between unions and hockey fans.
Answer: C
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Switzerland provides a counterexample to the claim
A) nations are poor because they are subject to exploitation by nations with superior military power. B) the rule of law is necessary for economic growth. C) military power is the source of the wealth of a nation. D) central economic planning doesn't work.
On the graph above, output is above planned expenditures at point ________
A) A B) B C) G D) H E) none of the above
The table in the above figure shows the levels of output resulting from different levels of inputs. At which level of input are there constant returns to scale?
A) 400-600 units B) Constant returns to scale exist throughout all levels of production. C) Constant returns to scale do not exist at any level of production. D) No firm conclusions can be drawn.
If there was no profit effect, but there was a misperception effect in the short run, then SRAS is ____ and LRAS is ____
a. upward sloping; upward sloping b. upward sloping: vertical c. vertical; upward sloping d. vertical; vertical