Use the above table. The data shows that the firm
A) is hiring in a perfectly competitive labor market.
B) is selling its output in a perfectly competitive market.
C) is a monopsonist.
D) is selling its output in an imperfectly competitive market.
C
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If a 10 percent price increase causes the quantity demanded for a good to decrease by 5 percent, demand is elastic
a. True b. False Indicate whether the statement is true or false
The Sherman Antitrust Act is primarily concerned with:
a. mergers. b. nationalization. c. price discrimination. d. monopolization. e. unfair and deceptive practices.
Why would it be a mistake to treat opportunity costs and explicit monetary costs as identical?
a. Because sometimes the market does not function well. b. Because opportunity costs are different for different goods. c. Because there are trade-offs involved in any decision. d. Because of existence of efficient markets.
Market allocation and the political process differ in that
a. competition is present in the market sector but not in the political sector. b. scarcity is a constraint in the market sector but not the political sector. c. there is a one-to-one link between payment for and receipt of a good in the market sector, but this is often not true in the political sector. d. in the political sector, voters have a strong incentive to acquire information that will help them make better decisions, but in the market sector, consumers do not have much incentive to acquire information.