Because the labor supply curve for a monopsonist is upward sloping, the monopsonist
A) hires zero units of labor.
B) chooses the perfectly competitive quantity of labor.
C) must increase the wage to attract more units of labor.
D) must take the wage as given by the market.
C
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An unpaid worker in a family business is classified as
A) not in the labor force. B) employed no matter how many hours the person worked in the previous week. C) unemployed no matter how many hours the person worked in the previous week. D) employed if the person worked at least 15 hours in the previous week. E) unemployed only if the person worked no hours in the previous week.
The first unit of an information product is produced at a high fixed cost. Producing additional units entails relatively low
A) total costs. B) marginal and average variable cost. C) external cost. D) social cost.
The more price elastic the demand curve, the less quantity demanded will fall when a per-unit tax is imposed
Indicate whether the statement is true or false
One News Wire article in the text is titled "Fed Cuts Key Interest Rate Half-Point to 1 Percent." Which of the following is the Fed trying to accomplish as a result of this action?
A. A leftward shift of aggregate demand. B. A rightward shift of aggregate demand. C. A leftward shift of aggregate supply. D. A rightward shift of aggregate supply.