A monopsonist will buy ________ units of input than a competitor, and will pay ________ per unit
A) fewer; less
B) more; less
C) fewer; more
D) more; more
A
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The intent of the liberum veto was ___________, and the outcome was _____________.
A. complete consensus; often chaos and corruption B. majority rule; complete consensus C. efficiency; inefficiency D. efficiency; efficiency
If the inflation turns out to be higher than people have expected, then
What will be an ideal response?
Perfect competition and monopolistic competition are similar in that both market structures include
A) price-taking behavior by firms. B) a homogeneous product. C) no barriers to entry. D) very few firms.
Suppose that taxes on labor are increased by 10 percent and workers respond by working 2 percent fewer hours. It can be said that
A. The tax elasticity of the labor supply is 5. B. The labor supply is elastic. C. Employers will face lower unit costs for each worker hired. D. The tax elasticity of the labor supply is 0.2.