In the market for labor, the monopsonist is the sole:
A. buyer and can keep wages up, above the competitive wage.
B. seller and can push wages down, below the competitive wage.
C. buyer and can push wages down, below the competitive wage.
D. seller and can keep wages up, above the competitive wage.
Answer: C
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In the Solow model, if saving per worker initially exceeds investment per worker,
A) the economy will experience inflation. B) the capital—labor ratio will increase. C) investment per worker will decline. D) saving per worker will decline.
Behavioral economics is an approach to the study of consumer behavior
A) that emphasizes psychological limitations and complications that potentially interfere with rational decision making. B) that emphasizes the capabilities of individuals to succeed in attaining all their unlimited wants utilizing limited resources. C) that, in contrast to standard approaches in economics, utilizes the ceteris paribus assumption. D) that, in contrast to standard approaches in economics, relies on real-world data to evaluate the usefulness of economic models.
Which of the following environmental approaches is most appropriate when surveillance and enforcement is impractical?
a. direct controls b. emissions tax c. volunteerism d. tradable emission permits
A consumer is making purchases of products Alpha and Beta such that the marginal utility of product Alpha is 30 and the marginal utility of product Beta is 40. The price of product Alpha is $5 and the price of product Beta is $10. The utility-maximizing rule suggests that this consumer should: