A monopsony is a term used to refer to a firm that is the sole seller of a good or service
Indicate whether the statement is true or false
FALSE
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The graph shows the market for textbooks. If the government introduces a tax of $20 a textbook, then the price paid by buyers
A) increases by $20. B) increases to $80 a textbook. C) decreases to $60 a textbook. D) is $70 a textbook. E) does not change because the demand for textbooks is perfectly elastic.
The Herfindahl-Hirschman Index is calculated by ________
A) adding the market share of each firm in the market and squaring the resulting number B) squaring the market share of each firm competing in the market and then summing the resulting numbers C) adding the number of firms in the market and squaring the resulting number D) adding the profit earned by each firm in the market
The above figure shows the marginal social benefit and marginal social cost curves of coffee in the nation of Kaffenia. There is no external cost
What is the marginal cost to the economy of Kaffenia of producing the four hundredth pound of coffee each day? A) $.50 per pound B) $1.00 per pound C) $2.00 per pound D) $4.00 per pound
An increase in the government budget deficit will shift the ________ curve for loanable funds to the ________ and the equilibrium real interest rate will ________
A) supply; right; fall B) supply; left; rise C) demand; left; fall D) demand; right; rise