The buyer of a single product for which there are no close substitutes is called a ________.
Fill in the blank(s) with the appropriate word(s).
monopsonist (monopsony)
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The consumption that is greater than zero when national income is zero is
a. permanent consumption b. induced consumption c. nondependent consumption d. autonomous consumption e. automatic consumption
Explain the relationship between marginal cost and average variable cost
What will be an ideal response?
The marginal (dollar) cost of an additional plate of food to a patron at an "All-You-Can-Eat" restaurant is: a. equal to the price paid for the meal divided by the number of plates of food consumed. b. equal for every plate of food consumed during the meal
c. equal to zero. d. equal to the price paid for the meal (since there is no such thing as a free lunch).
Use the following table to answer this question, which provides information on the production of a product that requires one variable input.InputTotal Product0015220332442550655758858956The average product generated with 5 units of the input is
A. 50. B. 8. C. 5. D. 10.