A labor union in a labor market is analogous to a(n) ________ in an output market.
A. perfect competitor
B. cartel
C. monopsony
D. oligopoly
Answer: B
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The monthly average of the 35 highest earnings years adjusted for wage inflation is the
A. most the retiree can receive in interest without having part of their benefit reduced. B. PIA. C. AIME. D. amount of the retiree's monthly check.
Suppose that a consumer is at an optimum consuming X and Y. If the price of X falls, then to get to a new equilibrium the consumer must
A) purchase less X and more Y. B) purchase less Y and less X. C) purchase more X. D) purchase more Y.
The reason that the coffeehouse market is monopolistically competitive rather than perfectly competitive is because:
Monopsony means a labor market with a single buyer
a. True b. False Indicate whether the statement is true or false