The distinguishing characteristic of labor market monopsonies is the fact that
A. They can hire any number of workers they want without affecting the market wage.
B. They must usually hire unionized workers.
C. They can pay any wage they want for the number of workers they need.
D. Their hiring decisions directly affect the market wage rate.
Answer: D
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The term shutdown
a. and the term exit both refer to short-run decisions that a firm might make. b. and the term exit both refer to long-run decisions that a firm might make. c. refers to a short-run decision that a firm might make, whereas the term exit refers to a long-run decision that a firm might make. d. refers to a long-run decision that a firm might make, whereas the term exit refers to a short-run decision that a firm might make.
Information technology decreased the need to use banks for _______________
Fill in the blank(s) with the appropriate word(s).
When economists say the quantity supplied of a product has increased, they mean the:
A. supply curve has shifted to the left. B. supply curve has shifted to the right. C. price of the product has risen, and consequently, suppliers are producing more of it. D. price of the product has fallen, and consequently, suppliers are producing less of it.
A government subsidy
A) is a policy that can be used to help eliminate the deadweight loss from an external cost. B) can help achieve an efficient amount of output when the good has an external benefit. C) increases consumers' marginal benefit from the good. D) Both answers A and C are correct. E) Both answers B and C are correct.