Monopolization of the labor market restricts output because
A) fewer workers offer their services.
B) the higher wage raises the firm's marginal cost.
C) monopolized workers are less productive.
D) a monopolized labor market means there is also a monopolized output market.
B
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International reserves are
A) assets denominated in a foreign currency and used in international transactions. B) reserves the Fed requires banks to hold against Eurodollar deposits. C) reserves the International Monetary Fund requires banks to hold if they wish to participate in the market for foreign exchange. D) central bank holdings of gold.
For net present value calculations, the rate of return that one could earn by investing in another project with similar risk is known as the:
A) real interest rate. B) nominal interest rate. C) prime interest rate. D) opportunity cost of capital.
Profit functions are homogeneous of degree:
a. zero in input and output prices. b. zero in input prices. c. one in input and output prices. d. one in input prices.
If the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied. This is known as ___________________.
a. excess supply b. excess demand c. ceteris paribus d. a price ceiling