Suppose a monopsonist must pay $10 per hour to attract 10 workers. If the same monopsonist must raise its wage to $11 per hour to attract the 11th worker, what is its marginal factor cost for labor?
A. $121 per hour.
B. $11 per hour.
C. $21 per hour.
D. $10 per hour.
Answer: C
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Ted moves into his first apartment. He buys a barely used washer/dryer set from Craigslist and hires a company to pick it up and deliver it to his apartment. What about this transaction will be counted in GDP?
A. The value of the washer/dryer set B. The value of the delivery service C. The value of the washer/dryer set and the delivery service D. Nothing about this transaction will count toward GDP
Figure 17-13
In , the world price of a baseball is $3. With free trade, how many baseballs will the United States import?
a.
4,000
b.
6,000
c.
8,000
d.
10,000
e.
12,000
In monopolistic competition, firms can have some market power
A. because of barriers to entry into the industry. B. by producing differentiated products. C. because of barriers to exit from the industry. D. by virtue of size alone.
An upward-sloping supply curve implies that:
A. quantity supplied increases when price decreases. B. there is no relationship between price and quantity supplied. C. quantity supplied increases when price increases. D. the law of supply is invalid.