After graduating with a degree in kinesiology, Jem worked at the only physical therapy clinic in her small town even though the wage was low. In school, she had hoped to work for a professional sports team or an Olympic training center, but to do so she would have to move, and she had family reasons for staying. Jem’s story illustrates what type of labor market?
a. monopoly
b. competitive
c. monopsony
d. equilibrium
c. monopsony
You might also like to view...
Which of the following is the best example of a short-run adjustment?
A) Toyota builds a new assembly plant in Texas. B) Smith University completed negotiations to acquire a large piece of land to build its new library. C) Your local Wal-Mart hires two more associates. D) A local bakery purchases another commercial oven as part of its capacity expansion.
Suppose k = 0.25. With a $10 billion decrease in the money supply, the LM curve shifts
A) to the left by $40 billion. B) to the left by $4 billion. C) to the left by $2.5 billion. D) to the right by $0.25 billion.
If your disposable personal income increases from $33,000 to $41,000 and your consumption increases from $8,000 to $12,000 . your marginal propensity to consume (MPC) is:
a. 0.2. b. 0.4. c. 0.5. d. 0.8. e. 1.0.
If a market is narrowly defined, the market share of each firm declines than if it is broadly defined
a. True b. False Indicate whether the statement is true or false