Bilateral monopoly exists when
A) there is either a monopoly or a monopsony in the market.
B) there are two competing labor unions in a labor market.
C) there is a monopoly and a monopsony in a market.
D) a firm is both a monopolist in its output market and a monopsonist in the input market.
Answer: C
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Refer to Game Matrix V. Which of the following values of X and Y result in there being no pure strategy Nash Equilibrium?
a. X = 21, Y = 9. b. X = 19, Y = 11. c. X = 31, Y = 11. d. There will always be at least one pure strategy Nash Equilibrium in this game.
According the principle of time inconsistency, the most important element of policy making is
a. predictability. b. transparency. c. credibility. d. judgment
President George W. Bush's tax cut in 2001 was a rare example of
a. timely monetary policy. b. timely fiscal policy. c. the slow response of policy to events. d. the inability of Congress to react to policy needs.
Explain what effect each of the following events will have on the IS curve in a flexible exchange rate regime: (1 ) an increase in foreign output; (2 ) a reduction in the foreign interest rate; and (3 ) an increase in the domestic interest rate
What will be an ideal response?