A monopsonist can pick the ____, while a monopolist can pick ____
a. the price it will charge; the wage it will pay
b. the wage it will pay; the price it will charge
c. the market price for its output; the quantity it will produce
d. marginal product of labor; the marginal cost of labor
e. number of competitors; the number of buyers
b
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Distinguish between the short-run and long-run Phillips curves
What will be an ideal response?
Why does government provide educational opportunities in the form of vouchers, subsidies, and public provision?
What will be an ideal response?
Suppose the current account of a country is initially in balance. A new transaction occurs so that the current account is now in surplus. Official reserve balance is maintained before and after the transaction occurs. From this, we know that
A) the balance of trade is now in surplus. B) the balance of goods and services is now in surplus. C) the capital account is now in deficit. D) the government must make official reserve transactions.
The logic of the budget constraint dictates that an individual's choice must be a point above the actual budget constraint
a. True b. False Indicate whether the statement is true or false