Which of the following is FALSE regarding bilateral monopoly?
A) Bilateral monopoly is a market structure consisting of a monopolist and a monopsonist.
B) Bilateral monopoly is defined as a market structure in which a single buyer faces a single seller.
C) An example of bilateral monopoly is a state education employer facing a single teachers' union in the labor market.
D) The price outcome is easily determined.
D
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Which of the following is TRUE for a profit maximizing monopolist?
A) Marginal cost is always less than average total cost. B) In the long run, the firm's economic profit equals zero. C) In the short run, the firm will shut down if its marginal cost is less than its average variable cost. D) In the short run, the firm can make an economic profit even if its marginal cost is less than its average variable cost.
As measured by the index of openness, the United States is relatively closed, and yet, it was the world's largest exporter in 2007
Indicate whether the statement is true or false
Over the past year, an economy's labor supply increased from 100 to 102, its capital stock increased from 1000 to 1030, and its output increased from 500 to 525. All measurements are in real terms
Calculate the contributions to economic growth of growth in capital, labor, and productivity if aK = 0.2 and aN = 0.8.
A point outside a production possibilities curve reflects:
a. efficiency. b. specialization. c. inefficiency. d. unemployment. e. an impossible choice.