A monopsony
A. Is a market in which there is a only one buyer.
B. Occurs when buyers have declining long-run average costs.
C. Is a market in which there is a single seller.
D. Occurs when sellers have declining long-run average costs.
Answer: A
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The long-run supply curve is upward sloping in a(n)
a. decreasing-cost industry b. increasing-cost industry c. constant-cost industry d. labor-intensive industry e. capital-intensive industry
What change in this graph draws more firms into the market?
a. a shift from S1 to S2
b. a shift from P1 to P2
c. a shift from D2 to D1
d. a shift from Q2 to Q1
Discretionary fiscal policy is a policy that _____
Fill in the blank(s) with the appropriate word(s).
Assume firms break even in an industry. New firms ________ attracted to the industry and current ones ________ exiting it.
A. are not; are B. are; are C. are; are not D. are not; are not