When the monopsony model is combined with the inclusive union model the result is a case of:
A. Occupational licensing
B. Noncompeting groups
C. Bilateral monopoly
D. Institutional immobilities
C. Bilateral monopoly
You might also like to view...
Tuition is the single-largest cost of attending college for most students
a. True b. False Indicate whether the statement is true or false
A stairwell in a certain office building is always congested at 12:00 p.m. and 1:00 p.m. The congestion is so bad that people have been complaining to the building's owner. Which of the following methods would be the most efficient way of reducing congestion?
a. Assign each person in the building a time when they are allowed to use the stairwell. b. Encourage people to voluntarily keep off the stairwell during peak times. c. Charge everyone who uses the stairwell when it is congested the same fee. People who value the use of the stairs the most will be the ones who use the stairwell at peak times. d. Hold a lottery to determine who wins the right to use the stairwell at peak times.
Exhibit 8-3 Cost per unit curves
As shown in Exhibit 8-3, the firm will produce in the short run if the price is at least equal to:
A. $1.00 per unit (point A). B. $1.50 per unit (point B). C. $2.00 per unit (point C). D. $4.00 per unit (point D).
Excess capacity is a characteristic of monopolistically competitive firms. What does excess capacity mean?
A) It means that firms do not produce the output level that corresponds to the minimum point on their average total cost curves. B) It means that firms hire more than the minimum number of workers needed to produce the profit-maximizing level of output. C) It means that firms produce with inefficient combinations of resources. D) It means that firms build plants that are not large enough to achieve minimum efficient scale.