The labor supply curve for a monopsony is
A) perfectly horizontal.
B) perfectly vertical.
C) upward sloping but not perfectly vertical.
D) downward sloping.
C
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Refer to Table 8-17. What is real GDP in 2016, using 2011 as the base year?
A) $3,320 B) $3,690 C) $6,360 D) $7,035
Allocative efficiency is achieved when
A) firms produce the goods and services that consumers value most. B) firms produce goods and services at the lowest cost. C) there are no shortages or surpluses in the market. D) goods and services are fairly distributed among consumers in an economy.
A corporation's shareholders are its:
a. board of directors. b. residual claimants. c. specialized active managers. d. supervisors.
If U.S. real GDP increases by 3.3 percent, we can infer that the United States experienced:
A. a recession B. an expansion C. a depression D. a trough