In an oligopsony market:
A) there are many buyers and sellers.
B) there are many buyers and a single seller.
C) there is a single buyer and many sellers.
D) there are a few buyers and many sellers.
E) there are a few buyers and a few sellers.
D
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The Coase Theorem explains how the ________ can come to a socially optimal solution.
A. government B. producers C. citizens D. market
Which of the following statements is correct?
a. Because we have more food per capita, global food prices have decreased since 1875. b. Because we have less food per capita, global food prices have increased since 1875. c. Because we have less food per capita, global food prices have decreased since 1875. d. Because we have more food per capita, global food prices have increased since 1875.
In the short run, a purely competitive seller will shut down if product price:
A. equals average revenue. B. is greater than MC. C. is less than AVC. D. is less than ATC.
Suppose that the price of wheat is above its equilibrium price. You would expect to see
A. a leftward shift of the demand curve because of the high price. B. sellers begin to lower their prices because of the surplus of wheat. C. an increase in quantity demanded because of the high price. D. a shortage on the market that causes prices to increase further.