The gap between the value a monopsony places on the last worker hired and the wage paid will increase when
A) the supply curve becomes more elastic at the optimum.
B) the supply curve becomes less elastic at the optimum.
C) the supply curve becomes horizontal.
D) the value of the last unit of labor hired is greater than the cost.
B
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When a cartel maximizes its profit,
A) each firm necessarily produces the same amount. B) the industry level of output is efficient. C) industry marginal revenue equals industry marginal cost at the level of total output. D) total output is greater than it would be without collusion.
An austerity policy is
A) an increase in the money supply. B) an expenditure reduction and expenditure switching policy. C) an expansionary fiscal policy accompanied by decreases in taxes, increases in expenditures, or both. D) an exchange rate switching policy from a fixed to a flexible exchange rate system. E) None of the above.
If the prices of all goods and services rise during the year,
a. real GDP may fall. b. nominal GDP must rise. c. nominal GDP may increase. d. real GDP must rise.
The corporate hierarchy is the most complex and over managed in
A. Japan. B. South Korea. C. France. D. United States