When a union faces a monopsony buyer, a ________ exists
A) dual-monopoly
B) monopoly
C) bilateral monopoly
D) monopolistic monopsony
C
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The above figure illustrates a perfectly competitive firm. If the market price is $40 a unit, to maximize its profit (or minimize its loss) the firm should
A) shut down. B) produce more than 10 and less than 30 units. C) produce 30 units. D) produce more than 30 units and less than 40 units.. E) produce 40 units.
In general, large current account deficits have to be financed by:
A) capital outflows abroad. B) capital inflows from abroad. C) trade barriers. D) none of the above.
The economy of Alpha operates according to Okun's law. In Alpha, potential GDP equals $500 billion, actual GDP equals $520 billion, and the natural rate of unemployment is 5 percent. What is the actual rate of unemployment in Alpha?
A. 4 percent B. 7 percent C. 1 percent D. 3 percent
When a perfectly competitive firm experiences positive economic profits in the short run
A. the high barriers to entry prevent further competition. B. existing firms exit the industry. C. new firms enter the industry. D. firms have no incentive to exit or enter the industry.