Professional sports leagues, like the NFL and the NBA, are good examples of monopsony because:
A. They are dominant providers of sports entertainment
B. They are the only employers of professional athletes in their respective sports
C. They are large corporations owned be small groups
D. They operate large facilities and stadiums
B. They are the only employers of professional athletes in their respective sports
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Which of the following equals the change in an economy's capital stock from one period to the next?
A) wealth B) stock C) gross investment D) depreciation E) net investment
A perfectly competitive firm maximizes profit when:
a. its marginal revenue is equal to its marginal cost. b. its marginal revenue is greater than its marginal cost. c. its marginal cost is negative. d. its marginal cost is greater than its marginal revenue. e. its marginal cost is minimum.
Consider the indifference curve-budget line model of labor supply, and assume consumption and leisure are both normal goods. A higher wage rate would result in
a. more consumption and less leisure. b. a reduction in the worker's marginal value of leisure. c. reduced consumption if the income effect is larger than the substitution effect. d. increased labor only if the substitution effect outweighs the income effect.
The balance-sheet channel of monetary policy works because it can:
A. change the value of a borrower's assets and liabilities, but it can't change a borrower's net worth. B. increase a borrower's asset value but not the burden of his/her liabilities. C. increase a borrower's assets and reduce the cost of his/her liabilities. D. none of the answers given is correct.