A monopsonist is a
A. firm that is the single purchaser of a factor of production.
B. firm with partial control over an industry.
C. firm operating in a regulated industry.
D. group of firms, much like a cartel, that restricts the demand for labor in a market.
E. firm that competes for labor but sells its output in a noncompetitive market.
Answer: A
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Currently, the price of gold is
A) fixed by the United States. B) adjusted periodically by the IMF. C) adjusted periodically by the World Bank. D) determined in the market by demand and supply.
The government can help solve the information asymmetry problem by:
A. telling less-informed parties not to participate in the market. B. excluding those who do not have complete information from the market. C. making markets illegal where information asymmetry is significant. D. requiring the more informed party to reveal the missing information.
Which of the following does not cause competitive market failure?
A. Detrimental externalities B. Beneficial externalities C. Poorly defined property rights D. The cost disease
Resource prices will fall and short-run aggregate supply will increase if
What will be an ideal response?