A monopsony exists when
A. there is a single seller with no rivals in an input market.
B. there is a labor union controlling labor supply in a labor market.
C. there is a single buyer with no rivals in an input market.
D. employers in a labor market face a horizontal labor supply curve.
C. there is a single buyer with no rivals in an input market.
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Which of the following is the most aggregated value?
A. total output of a city B. total output of an industry C. total output of a country D. total output of a firm
The figure above shows the market for pants. If 6 million pairs of pants are produced, the deadweight loss is
A) zero. B) the triangle ABE. C) the triangle BCE. D) the triangle ACE. E) the triangle BCE minus the triangle ABE.
Which of the following Latin American countries had by far the worst growth rate between 1960 and 2011?
A) Brazil B) Columbia C) Mexico D) Venezuela
At point d in the above figure, the average product of labor equals
A) 15. B) 4. C) 3.75. D) approximately 1.