For a monopsony buyer, the marginal expenditure per unit of an input
A) exceeds the average expenditure per unit.
B) is less than the average expenditure per unit.
C) equals the average expenditure per unit.
D) any of the above could be true.
A
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Compare and contrast the world population with that of the United States. Is the United States becoming a larger or a smaller part of the world's population?
What will be an ideal response?
Consider the market for opticians. What is likely to happen to the equilibrium wage and quantity of opticians if more and more people turn to laser eye surgery instead of wearing glasses or contact lens?
A) The equilibrium wage falls and the equilibrium quantity of opticians rises. B) The equilibrium wage and the equilibrium quantity of opticians rise. C) The equilibrium wage and the equilibrium quantity of opticians fall. D) The equilibrium wage rises and the equilibrium quantity of opticians falls.
Prices under an ideal cartel situation will be equal to
A) monopoly prices. B) competitive prices. C) prices under monopolistic competition. D) marginal cost.
International data on GDP and socioeconomic variables
a. are inconclusive about the relationship between GDP and the economic well-being of citizens. b. suggest that poor nations actually might enjoy a higher standard of living than do rich nations. c. leave no doubt that a nation's GDP is closely associated with its citizens' standard of living. d. indicate that there are few real differences in living standards around the world, in spite of the large differences in GDP between nations.