Empirical studies suggest that, other things equal, the smaller the number of hospitals in a city, the lower are nurses' wages. This is evidence that:
A. the labor markets of nurses are purely competitive.
B. hospitals may possess some degree of monopsony power.
C. the minimum wage does not apply to nurses.
D. labor unions have been ineffective in increasing the wages of nurses.
Answer: B
You might also like to view...
The yuan-dollar exchange rate is currently:
A) fixed. B) floating. C) managed. D) flexible.
Refer to Figure 15-4. What is the price charged for the profit-maximizing output level?
A) $13 B) $21 C) $27 D) $34
Instruments so widely accepted and purchased by others that they are very similar to cash are known as
a. liquid assets b. hard assets c. corporate assets d. marketable securities e. none of the above
Unemployment rates tend to be highest during periods of:
A. recession. B. static movement. C. economic boom. D. recovery.