Consider the monopsony in the above figure. The 200th hour of labor creates how much added revenue per hour for the monopsony?
A) $10
B) $15
C) $20
D) None of the above answers is correct.
C
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An insurance company is likely to attract customers like Clancy who want to purchase insurance because he knows better that the company that he is more likely to make a claim on a policy. What is the term used to describe the situation above?
A) adverse selection B) moral hazard C) economic irrationality D) asymmetric information
A pollution tax: a. increases the price of the good taxed
b. decreases the price of the good taxed. c. increases the production of the good taxed. d. increases the quantity of the taxed good demanded.
The level of output produced by a monopolistically competitive industry: a. ensures profit in the long run. b. is productively efficient
c. causes a deadweight loss. d. is allocatively efficient.
The balanced-budget multiplier always equals 1.
Answer the following statement true (T) or false (F)