Which of the following type of firm is not a price taker in the market in which the firm buys its inputs?
a. Perfect competition.
b. Monopsony.
c. Oligopoly.
d. Monopoly.
b
You might also like to view...
Why are economists less worried about industry concentration than they once were?
What will be an ideal response?
Suppose the current level of output is 5000 and the elasticity of output with respect to labor is 0.7. A 10% increase in labor would increase the current level of output to
A) 5035. B) 5070. C) 5350. D) 5700.
The need for a rationing device results from scarcity
Indicate whether the statement is true or false
In the Staples/Office Depot Case, the government:
A. found that Staples had attempted to drive Office Depot out of the market, and so they prosecuted them under the Clayton Act. B. determined that the anticompetitive effects of a proposed merger between the two firms outweighed the potential savings in production costs, and so they blocked the proposed merger. C. found that Office Depot had illegally attempted to monopolize the market. D. found that Staples had illegally attempted to monopolize the market by using tying contracts.