An example of a bilateral monopoly would be when a union
A) bargains with many different employers.
B) deals directly with the final consumers.
C) bargains with a monopoly.
D) bargains with a monopsony.
D
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How do decreasing returns to scale affect the shape of the long-run average cost curve?
What will be an ideal response?
Which of the following changes would lead, according to the Solow model, to a higher level of long-run output per worker?
A) A lower level of capital per worker B) An increase in the saving rate C) A rise in the rate of population growth D) A decrease in productivity
An increase in the marginal propensity to import will
A) raise imports and raise equilibrium income. B) lower imports and raise equilibrium income. C) lower the multiplier and reduce equilibrium income. D) raise the multiplier and reduce equilibrium income.
The cost-output elasticity equals 1.4. This implies that:
A) there are neither economies nor diseconomies of scale. B) there are economies of scale. C) there are diseconomies of scale. D) marginal cost is less than average cost.