Suppose the market for nursing services in a local community is so dominated by a single community hospital that for all practical purposes it is considered a monopsony. Using the diagram below, answer the question.
What is the equilibrium wage and level of employment under monopsony?
a. W0 and E0
b. W2 and E0
c. W1 and E1
d. W0 and E1
a. W0 and E0
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Refer to Scenario 1-2. Using marginal analysis terminology, what is another economic term for the incremental cost of producing the last 500 cigars?
A) explicit cost B) marginal cost C) operating cost D) Any of the above terms are correct.
In the economic sense, almost everything is scarce. ________ of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price
A) Scarcity B) A surplus C) An overstock D) A shortage
Gross national product is defined as
A) the value of final goods and services produced by residents of the United States even if the production takes place outside of the United States. B) the value of final goods and services produced within the United States, by United States residents. C) the value of final goods and services produced outside of the United States. D) the value of final goods and services produced within the United States.
If the multiplier is 4, a decrease in spending equal to $80 billion will be accompanied by a decrease in GDP of
a. $480 billion. b. $320 billion. c. $240 billion. d. $84 billion. e. $48 billion.