If we compare the wage rate and the level of employment achieved in a competitive labour market with those in a monopsonistic labour market, the latter will generate
A) a lower level of employment and a lower wage.
B) the same outcomes as in a competitive labour market.
C) a higher level of employment and a higher wage rate.
D) a lower level of employment and a higher wage rate.
E) a higher level of employment and a lower wage.
Ans: D) a lower level of employment and a higher wage rate.
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The equation of exchange states that the quantity of money multiplied by the velocity of money equals: a. real Gross Domestic Product
b. the price level. c. nominal Gross Domestic Product. d. the turnover rate. e. the demand for money.
Some careers, such as flight attendants, nurses, and primary school teachers, used to be considered "women's jobs.". Other jobs, such as airline pilots, physicians, and school principals, were traditionally considered to be "men's jobs" and were not
generally open to women. If women are allowed increased access to the jobs that had traditionally been considered to be "men's," explain the effects on wage rates.
Cable television is regulated because of its monopolistic cost structure. Baseball and basketball games, which also have monopolistic cost structures, are unregulated. What do these activities (watching TV and going to the ball park or stadium) not have in common?
a. being a leisure activity b. being a luxury c. entertainment value d. large-scale public consumption e. industry trade groups
If the price of a bottle of orange juice in the downtown orange juice market is $0.50 per bottle, vendors will happily sell orange juice in the market only if their cost per bottle is
A. greater than $0.50. B. zero. C. subsidized by the government. D. less than $0.50.