Wage and MFC differ for a monopsonist because:
A. the monopsonist is forced to pay a wage greater than the worker's MFC.
B. the monopsonist must accept the market wage rate.
C. workers are not as efficient when employed by a monopsonist.
D. any wage increase applies to all workers, not just to the next hired.
Answer: D
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The set of mechanisms and institutions that resolve the basic economic questions is called the
a. economic system b. production possibilities dilemma c. business resolution device d. absolute advantage determination e. comparative advantage determination
Video rental stores in cities are an illustration of:
a. perfect competition. b. monopoly. c. monopolistic competition. d. oligopoly.
At equilibrium expenditure...
a) consumers' expenditures on goods and services equal firms' purchases of investment goods b) firms hold no inventories of raw materials or final goods c) aggregate planned expenditure equals real GDP d) aggregate planned expenditure equals real GDP minus net exports
Refer to the information provided in Figure 23.11 below to answer the question(s) that follow.
Figure 23.11Refer to Figure 23.11. Equilibrium aggregate output will increase to $250 million if the
A. multiplier increases to 8. B. MPC increases to 0.8. C. MPS increases to 0.8. D. all of the above.