Define monopsony
A monopsony is a market with one buyer.
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If the economy was producing at point X and moved to point Y,
A. it would have moved from where the economy operates most of the time to a severe recession.
B. it would have moved from where the economy operates most of the time to a depression.
C. the unemployment rate would increase.
D. it would have moved from where the economy operates most of the time to a severe recession AND the unemployment rate would increase.
People view alcohol and marijuana as perfect substitutes. This means that
A) individuals will consume either alcohol or marijuana, but not both, regardless of price. B) as the price of alcohol decreases, marijuana use decreases. C) the marginal utility for alcohol and marijuana is constant. D) Both B and C.
Sweet Treats sells its extra-large cupcakes for $14 each and the firm has a constant marginal cost of $6 per cupcake, which is equal to its (constant) average total cost. If Sweet Treats does not sell a cupcake the day it is produced, it is sold as day-old for $4. Sweet Treats should hold the number of cupcakes in inventory that makes the probability of selling that quantity of cupcakes or more
equal to ________. A) 0.80 B) 0.20 C) 0.40 D) 0.60
In the classical model, the supply of funds to the loanable funds market comes from
a. household saving and the government's budget surplus, if any b. net taxes c. household saving and the government budget deficit, if any d. planned investment e. total income