When a group of workers forms a union, they introduce an element of
A) pure competition into the labor market.
B) monopoly into the labor market.
C) monopoly into the product market.
D) monopsony into the product market.
B
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A decrease in the price of one good results in a parallel shift in the budget line.
Answer the following statement true (T) or false (F)
If the ________ curve is relatively more unstable than the ________ curve, an interest rate target is preferred
A) IS; IS B) IS; LM C) LM; IS D) LM; LM
If a monopolistically competitive firm earns $500,000 by selling 25,000 units of output, the price of its product is $25
a. True b. False Indicate whether the statement is true or false
Monopolistic competition is an inefficient market structure because
a. marginal revenue equals marginal cost. b. it has a deadweight loss, just as monopoly does. c. long-run profits are zero due to free entry. d. All of the above are correct.