The labor market for teachers in a small, isolated community that has one school district would be best described as a(n):
A. Natural monopoly
B. Bilateral monopoly
C. Monopsony
D. Oligopsony
C. Monopsony
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If the technology for producing a good enables one firm to meet the entire market demand at a lower average total cost than two or more firms could, then that firm has
A) patented the market. B) a natural monopoly. C) increasing average total costs. D) a legal barrier to entry. E) a discriminatory monopoly.
Within the IS-LM curve model, a decline in expectations would
a. lower income and the interest rate. b. increase income and lower the interest rate. c. lower income, but leave the interest rate unchanged. d. lower the interest rate, but leave income unchanged. e. lower income and increase the interest rate.
Given the information in the table above, Foreign's opportunity cost of widgets is
A) 0.5. B) 2.0. C) 6.0. D) 1.5. E) 3.0.
Resources are all of the following except:
A. unlimited and in abundance. B. the things we use to produce goods and services. C. limited in quantity and can be used in different ways. D. scarce and therefore require choices to be made.