In comparison to an employer in a competitive labor market, a monopsony employer pays a ________ wage rate and hires ________ workers
A) lower; fewer
B) lower; more
C) higher; more
D) higher; fewer
A
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Refer to Figure 13.1. Assume the voting method used to select a location for the recreation center is the Borda-count method, where if a town gets ranked #1, it gets 3 points per vote, a town ranked #2 gets 2 points per vote,
a town ranked #3 gets 1 point per vote, and a town ranked #4 gets no points per vote. With this method, the town that gets the greatest number of points is A) Desert Sands. B) Glacier Cove. C) Mountain View. D) Oceanside.
Refer to Figure 9.6. Including the consumers' expected tax burden, the total change in welfare from this policy is
A) -$6000. B) -$5250. C) -$4500. D) $4500. E) $5250.
A perfectly competitive firm decides to shut down if:
a. the price falls below the average-total-cost. b. average revenue falls below the average-variable-cost. c. the price falls below the marginal cost. d. the average revenue curve lies below the marginal cost curve. e. the total revenue is less than total cost.
In 1993 the negotiations over the North American Free Trade Agreement and the General Agreement on Tariffs and Trade were frequently characterized by comments such as, "Free trade with low-wage countries will cause the wages of U.S. workers to fall." Identify the errors in statements such as this