When there is only one buyer in the market
A) a closed shop exists.
B) a monopsony exists.
C) then the market will be perfectly competitive.
D) the supply curve for the good will be perfectly elastic.
Answer: B
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The table above shows the distribution of income in Swacko. The government of Swacko imposes a 20 percent tax on people with the highest 40 percent of income
The government then distributes 40 percent of the tax collected to the lowest 20 percent and 30 percent to the second 20 percent and the middle 20 percent. After the redistribution, the Lorenz curve for income ________. A) is equal to the line of equality B) equals the Lorenz curve for wealth C) is closer to the line of equality D) is above the line of equality
Monopolies can misallocate resources by restricting output in an attempt to raise prices and profits.
Answer the following statement true (T) or false (F)
In 2012, the poverty line for a family of four was approximately
a. $10,075 b. $13,100. c. $15,700. d. $23,250.
The Food Quality Protection Act of 1996
a. amended both TSCA and FIFRA b. gives particular attention to pesticide risks faced by infants and children c. establishes several health-based standards to control pesticides in foods d. none of the above