The most common way for workers to hold market power is when:
A. a monopsony exists.
B. they are unionized.
C. they compete for minimum wage.
D. there are a lot of them.
B. they are unionized.
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Refer to Sales Tax. After the tax is imposed, social gain is equal to
The following questions refer to the accompanying diagram which shows the effects of a sales tax imposed on consumers. The initial price and quantity are P0 and Q0, respectively. After the tax is imposed, the equilibrium quantity is Q1, firms receive the price Ps, and consumers pay the price Pd.
a. area A + D + E + G + H + J.
b. area B + C + F + I - J.
c. area A + B + C + D + E + F + G + H + I.
d. area A + B + C + D + F + G + I.
One reason that education has external benefits is that
A) knowledge has diminishing marginal productivity. B) education creates job opportunities for teachers. C) education creates better citizens. D) property owners pay taxes to support the school system.
When an economy produces its potential output, _____ is zero.
Fill in the blank(s) with the appropriate word(s).
Refer to the figure below. Player B can infer that Player A will:
A. choose Up when B chooses Left and Down when B chooses Right. B. always choose Up. C. always choose Down. D. choose Down when B chooses Left and choose Up when B chooses Right.