Economists define a labor market with only one buyer to be:
a. a monopoly.
b. an oligopoly.
c. a monopsony.
d. perfectly competitive.
e. backward bending.
c
You might also like to view...
Consider a small open economy in equilibrium with a current account deficit
(a) Draw a diagram showing this situation. (b) What happens to national saving, investment, and the current account balance in equilibrium if government expenditures rise temporarily? Show this result in your diagram.
What has been the market outcome of government-enforced price floors for agricultural products?
A) Not enough food has been produced. B) Farmers have been made worse off. C) A shortage of agricultural products has resulted. D) A surplus of agricultural products has resulted.
Unemployment and inflation are important determinants of short-run material welfare, whereas productivity growth is an important determinant of long-run material well-being
a. True b. False Indicate whether the statement is true or false
The opportunity cost of any good or service is the
a. actual dollar cost of doing or making it. b. highest price that a seller can get for the item. c. value of the next best alternative. d. cost associated with a value judgment. e. cost of producing the good or service.