Monopsonistic competition
a. exists when there are many buyers offering differentiated conditions for sellers.
b. is very prevalent in the U.S. economy.
c. exists when a great number of firms hire labor, offering a variety of working conditions and fringe benefits.
d. All of the above.
d. All of the above.
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The larger the hub presence, the larger the hub ____________.
Fill in the blank(s) with the appropriate word(s).
The expenditure schedule and the aggregate demand curve show much the same thing, with one crucial difference—the price level. How does the price level affect the two schedules?
What will be an ideal response?
Refer to Scenario 3.1 below to answer the question(s) that follow.SCENARIO 3.1-Streaming movies and movies shown in theaters are substitutes. -Streaming movies and OLED TVs are complements. -OLED TVs and movies shown in theaters are normal goods. -People watch streaming movies more often in the winter than in the summer.Refer to Scenario 3.1. Most OLED TVs sold in the United States are imported from Asia. If the United States government eliminates a quota that reduced the number of OLED TVs that can be imported into the United States, ceteris paribus, what would happen?
A. The price of OLED TVs would increase and the price of streaming movies would decrease. B. The price of OLED TVs would decrease and the price of streaming movies would increase. C. The price of OLED TVs and the price of streaming movies would increase. D. The price of OLED TVs and the price of streaming movies would decrease.
A change in consumer taste will prompt a change in _____.
Fill in the blank(s) with the appropriate word(s).