A monopsonist can choose the ____________, while a monopolist can choose the ___________
a. price it will charge; wage rate it will pay
b. wage rate it will pay; price it will charge
c. price for its output; quantity it will produce
d. marginal product of labor; marginal cost of labor
e. number of competitors; number of buyers
B
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080What is the minimum a sweater would be traded for in this example?
A. 1/3 of a scarf B. 1/2 of a scarf C. 3 scarves D. 2 scarves
The branch of economics which studies the behavior of entire economies and policies that affect the economy as a whole is called
A) macroeconomics. B) normative economics. C) microeconomics. D) public economics.
Which economic principle states that when more of a good is consumed, the incremental satisfaction delivered by that good decreases?
a. the law of consumer choice b. the law of consumer equilibrium c. the law of demand d. the law of diminishing marginal utility