Answer the following statement(s) true (T) or false (F)
1. An industry's demand curve tends to be more elastic than the sum of the individual firms' labor curves.
2. A monopsonist's short-run demand curve for labor coincides with its marginal revenue product of labor curve.
3. A monopsonist will continue to hire additional laborers as long as their marginal revenue product exceeds the wage rate.
4. A monopsonist hires fewer workers and pays a lower wage than would be the case if many firms competed to hire labor.
5. The profit an owner receives is equivalent to the rent received for her entrepreneurial services.
1. True
2. False
3. False
4. True
5. False
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The Colorado Ski Shop sold 60 ski jackets to a Belgian company's headquarters located in Paris, France. The ski jackets are a
A) U.S. export good. B) capital good. C) government good. D) U.S. consumption service. E) U.S. import.
The gold standard prevented a nation from controlling its domestic economy through monetary policy.
Answer the following statement true (T) or false (F)
Every transaction concerning the exportation of U.S. goods constitutes a
A. supply of foreign currency and demand for dollars. B. supply of foreign currency, with no effect on the market for dollars. C. demand for dollars, with no effect on markets for foreign currencies. D. demand for foreign currency and a supply of dollars.
Why study the economics of agriculture in the United States? Give five reasons
What will be an ideal response?