In a labor market, the monopsonist faces the entire ___________.
Fill in the blank(s) with the appropriate word(s).
industry supply curve (or schedule)
You might also like to view...
Which of the following is true for a constant cost industry?
a. The total cost of producing 500 units will be the same as the total cost of producing 250 units. b. If 100 units can be produced for $500, then 200 units can be produced for $1,000. c. The demand curve and, therefore, the unit price in the industry are constant. d. Firms in the industry will hold output constant if the price of the product increases.
Label each of the following statements as true/false.
1) Economies of scale is a source of monopoly price setting power. 2) In a monopoly market there are high barriers to entry, but in a competitive and oligopoly market there are low barriers to entry. 3) In a competitive market and an oligopoly market firms sell differentiated products. 4) At the long-run market equilibrium, firms in monopoly market can earn positive profit and firms in a competitive market must earn zero profit. 5) A firm in any market will maximize profits by setting quantity such that marginal cost is equal to marginal revenue. 6) Firms in monopoly and oligopoly markets have price-setting power.
________: unemployment associated with business fluctuations
Fill in the blank(s) with correct word
Most economists believe that consumers would be better off if markets were perfectly competitive rather than monopolistically competitive
Indicate whether the statement is true or false