A market where there is only a single buyer is called a(n):
A. Monopoly
B. Monopsony
C. Oligopoly
D. Dominant firm
B. Monopsony
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Explain the differences between frictional unemployment and structural unemployment
What will be an ideal response?
A minimum wage rate that is set ________ the equilibrium real wage rate creates a ________ of labor
A) below; surplus B) below; shortage C) above; surplus D) above; shortage E) equal to; shortage
Suppose that Firms A and B each produce high-resolution computer monitors, but Firm A can do so at a lower cost. Cassie and David each want to purchase a high-resolution computer monitor, but David is willing to pay more than Cassie. If Firm A produces a monitor that Cassie buys but David does not, then the market outcome illustrates which of the following principles? (i) Free markets allocate
the supply of goods to the buyers who value them most highly, as measured by their willingness to pay. (ii) Free markets allocate the demand for goods to the sellers who can produce them at the least cost. a. (i) only b. (ii) only c. both (i) and (ii) d. neither (i) nor (ii)
How are normal goods and inferior goods similar? How are they different?
What will be an ideal response?