When a labor union confronts a monopsonist, the result is that union workers receive a wage
a. greater than their marginal labor cost
b. that maximizes the return to monopsony power
c. equal to a perfectly competitive labor market
d. below the labor supply curve
e. equal to the marginal revenue product
E
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The inflation tax is
a) an additional income tax levied during periods of inflation to prevent government revenue from losing value b) the movement of taxpayers into higher tax brackets due to inflation c) the reduction in the value of cash due to inflation d) the federal sales tax on goods whose prices rise by more than the general inflation rate e) a tax on trucking, so called because of the inflation of the tires
If a firm offers quantity discounts or special promotional allowances only to favored distributors and the effect is to substantially lessen competition, then it is in violation of the:
A. Clayton Act. B. Robinson-Patman Act. C. Sherman Antitrust Act. D. Celler-Kefauver Act.
Recall the Application about Japanese and American consumers' willingness to pay for Internet service to answer the following question(s). In the United States, the average willingness to pay for Internet service is $85 per month, and the average monthly price of Internet service is $40 per month.According to the Application, the average consumer surplus in the United States from Internet service is about ________ percent of the price.
A. 47 B. 89 C. 113 D. 212
When the interest rate falls,
a. the opportunity cost of holding money rises b. people shift out of holding interest-yielding asset holdings into holding money c. the quantity of money people will hold decreases d. investment spending decreases e. real GDP will decrease