A monopsonist is
A. a single buyer of an input.
B. a firm that has a unionized labor force.
C. a firm with monopoly power in the local area.
D. a single seller of an input.
Answer: A
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Household production consists of households producing goods and services, like meals, cleaning and child care, instead of firms
a. True b. False
Albert and Betty hire Christine and David to play music at their wedding. Elizabeth, who lives behind the church, cannot study because of the loud music. The third party is:
a. Albert. b. Betty. c. Christine. d. David. e. Elizabeth.
"The government should choose policies deemed to be just, as evaluated by an impartial observer behind a ‘veil of ignorance.'" This statement is most closely associated with which political philosophy?
a. liberalism b. utilitarianism c. libertarianism d. welfarism
In the income-expenditure model, if autonomous investment decreases by $10 billion,
What will be an ideal response?