The point of diminishing returns means that output will decrease at an increasing rate.
Answer the following statement true (T) or false (F)
False
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The Fed influences the interest rate by using which of the following tools? i. open market operations ii. taxes on bank accounts iii. changes in required reserve ratios
A) i only B) ii only C) iii only D) Both i and iii E) i, ii and iii
The figure above shows a labor market. If there is a monopsony in this labor market, employment is
A) 0 hours per week. B) 50 hours per week. C) 100 hours per week. D) 150 hours per week.
Refer to Figure 10-7. Suppose the price of Pilates sessions rise to $30 while income and the price of Yoga sessions remain unchanged. The income effect of this price change is represented by the movement from
A) A to B. B) B to C. C) D to B D) D to C.
How does a monopsony benefit an employer?
a. Having no competition for sales increases revenues. b. The employer works together with other firms to set prices. c. The employer can increase profits by keeping wages low. d. Workers are paid above their marginal revenue product.