A monopsonist's wage cost in hiring an additional worker is the:
A. worker's wage rate.
B. worker's wage rate plus the wage increases paid to all workers already employed.
C. worker's wage rate adjusted for the lower price that must be charged for the extra output.
D. marginal wage cost less the wage rate.
Answer: B
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A) good is a necessity. B) good has few substitutes. C) good is narrowly defined. D) supply of the good is plentiful. E) Both answers B and C are correct.
Refer to Figure 2-8. What is the opportunity cost of 80 dozen orchids?
A) 0 roses B) 2.5 dozen roses C) 40 dozen roses D) 200 dozen roses
Which of the following is considered a "third party" within the medical services industry?
A) the patient B) the private insurance company C) the for-profit hospital D) the medical provider, i.e., physician
If a positive externality results from the consumption of higher education, then the marginal benefit students receive from education:
a. equals the marginal social benefit b. is less than the marginal social benefit. c. includes the marginal external benefit. d. exceeds the marginal social benefit.