If the diagram were relevant to an individual firm, we could conclude that the firm is:
A. a pure competitor in the hire of labor.
B. a monopsonist in the hire of labor.
C. selling its product in an imperfectly competitive market.
D. selling its product in a purely competitive market.
B. a monopsonist in the hire of labor.
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Andrew Carnegie was largely responsible for the development of the _________ industry; while John D. Rockefeller was largely responsible for the development of the _________ industry.
Fill in the blank(s) with the appropriate word(s).
Why do countries peg their currencies, and what problems can result from pegging?
What will be an ideal response?
Which of the following is not a requirement for a successful price discrimination strategy?
A) The firm must be able to prevent arbitrage. B) A firm must have the ability to charge a price greater than marginal cost. C) Transactions costs must be the same for all consumers. D) Some consumers must have a greater willingness to pay for the product than other consumers, and the firm must be able to know what prices consumers are willing to pay.
Which of the following is an example of a positive externality? a. A firm emits pollution into the air, harming members of society
b. An auto body shop makes a lot of noise, reducing the property values of nearby homes. c. A coastal dairy farmer's undeveloped land offers unimpeded views of the ocean for a nearby neighborhood. d. You go to a store and pay $0.65 for a candy bar that you then eat.