Company towns are
A. monopolies.
B. monopsonies.
C. towns named after companies.
D. adjacent towns.
B. monopsonies.
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In which of the following games is it clearly the case that the cooperative outcome of the game is good for the two players and good for society?
a. Two guilty criminals have been captured by the police, and each prisoner decides whether to confess or to remain silent. b. Two airlines dominate air travel between City A and City B, and each airline decides whether to charge a "high" airfare or a "low" airfare. c. Two duopoly firms account for all of the production in a market, and each firm decides whether to produce a "high" amount of output or a "low" amount of output. d. Two oil companies own adjacent oil fields over a common pool of oil, and each company decides whether to drill one well or two wells.
Relative percentage changes are used in measuring price elasticity of demand, so that
A) it does not matter whether price increases or decreases when calculating the elasticity. B) it does not matter what units are used to measure prices or quantities. C) we always obtain a positive number. D) larger numbers indicate greater responsiveness.
The percentage of U.S. workers in the private sector who belong to unions is currently
A) greater than 70 percent. B) approximately 55 percent. C) approximately 25 percent. D) approximately 11 percent.
A major factor contributing to the recession of 1981-1982 was
A. an increase in interest rates. B. an increase in exports. C. the multiplier effect. D. an increase in unemployment.