Which of the following does not describe a perfectly discriminating monopsonist?
A. The firm's marginal cost of labor equals the labor supply curve faced by the firm.
B. The firm hires workers to the point where the labor supply curve intersects the firm's labor demand curve.
C. The firm uses fewer hours of labor than it would if it were in a competitive market.
D. The firm hires different workers at different wages.
E. The wage-labor outcome is efficient.
Answer: C
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A noncooperative game would refer to a situation in which oligopoly firms
A) are too small to be interdependent. B) do not engage in collusive behavior together. C) are made worse off by their actions. D) behave as a joint monopoly.
If we observe an increase in real GDP and an increase in the price level after an increase in aggregate demand, we can conclude that
A) the aggregate supply curve is upward sloping. B) the aggregate supply curve is horizontal. C) the aggregate supply curve is vertical. D) the economy is now at full employment.
In the early 1930s, President Hoover told Americans that prosperity was just "around the corner." He was expressing the views of ______ economic theory.
A. Keynesian B. demand-side C. classical D. supply-side
Recall the Application about space debris in the atmosphere to answer the following question(s).Recall the Application. Which of the following is true?
A. Over 20,000 pieces of junk as large as a softball are estimated to be orbiting the earth. B. Modern global positioning satellites (GPS) are at risk of colliding with orbital junk. C. Solving the space junk problem will require international cooperation. D. All of these