A monopsony market:
A. is a market with a single buyer.
B. is a market with a single seller.
C. is a market with a single input.
D. is a market with a single product.
A. is a market with a single buyer.
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Scarcity is represented on a production possibilities frontier figure by
A) the amount of the good on the horizontal axis forgone. B) the fact that there are only two goods in the diagram. C) technological progress. D) the fact there are attainable and unattainable points.
Which of the following statements best describes economic efficiency?
a. Economic efficiency occurs when all choices on the production possibilities frontier show productive efficiency because an increase the quantity of one good will also increase the quantity of another. b. Economic efficiency occurs when no choices on the production possibilities frontier show productive efficiency because an increase the quantity of one good will also increase the quantity of another. c. Economic efficiency occurs when all choices on the production possibilities frontier show productive efficiency because an increase the quantity of one good will decrease the quantity of another. d. Economic efficiency occurs when no choices on the production possibilities frontier show productive efficiency because an increase the quantity of one good will decrease the quantity of another.
After the Arab oil embargoes, there was concern about the impact of higher gas prices on the low-income worker. The government imposed price controls on oil to protect the poor from this situation. Explain the inefficiency of this price ceiling and how taxes, rather than prices, could be used to solve the problem
A? profit-maximizing firm will hire the number of workers where wage equals marginal-revenue product .
A? profit-maximizing firm will hire the number of workers where
equals