When there is only one buyer of labor in a community, we talk of a
A) monopoly.
B) monopsony.
C) monopolistic market.
D) labor cooperative.
B
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If aggregate expenditure in an economy equals 2,000 + 0.8Y and full employment real GDP equals 11,000, then this economy has
A. no output gap. B. no autonomous expenditure. C. a recessionary gap. D. an expansionary gap.
One reason demand curves slope downwards is
a. Marginal value increases with each purchase b. Marginal value declines with each purchase c. Total value declines with each purchase d. All of the above
In a market economy, the three economic questions are answered by which of the following?
a. Prices determined by the interaction of the forces of supply and demand. b. A cartel of major transnational corporations, government agencies, and consumer advocates. c. A trilateral commission of major corporations, the military, and elite university professors. d. A central authority such as people's committee, a government agency, or a dictator.
The impact of a decrease in the marginal tax rate on labor supply will be larger as the tax elasticity of supply gets smaller.
Answer the following statement true (T) or false (F)