If a monopsonist offers a wage of $6, he finds that 1,200 people are willing to work for him. This means that the:
A. marginal factor cost is $6.
B. marginal factor cost is $200.
C. total wage cost is $1,200.
D. total wage cost is $7,200.
Answer: D
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The aggregate supply curve shows for each price level the
a. total amount of money supply at each price level. b. amount of frictional unemployment that will occur. c. amount of structural unemployment that will occur. d. quantity of goods and services that businesses are willing to produce.
Which of the following is likely to cause market failure and be undersupplied?
A. River water B. Research C. Orange juice D. Grazing pasture
Which expression is another way of saying "marginal cost"?
A. average cost B. total cost C. scarcity D. additional cost
A tax placed on imports is known as
A) voluntary restraint agreement. B) tariff. C) quota. D) infant industry.