If a single supplier of labor, such as a union, were supplying labor to a single monopsonistic employer, this is referred to as a(n)
A) bilateral monopoly.
B) trilateral monopoly.
C) total monopsony.
D) collective monopoly.
A
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When the Federal Reserve sells a government security to a commercial bank
A) the cash reserves of the commercial bank decrease. B) the net worth of the commercial bank increases. C) the loans of the commercial bank will increase. D) the balance sheet of the commercial bank is thrown off balance.
A firm's ______ are costs that increase as quantity produced increases. These costs often show ______ illustrated by the increasingly steeper slope of the total cost curve.
A. fixed costs; opportunity costs B. variable costs; diminishing marginal returns C. fixed costs; technological changes D. variable costs; constant returns to scale
Which of the following benefits from a quota or VER?
A. consumers B. domestic producers C. the government D. All of these
The marginal product of labor may increase rapidly initially as more
A. total product is decreasing. B. workers will get crowded in a fixed factory. C. workers are able to specialize. D. the amount of other inputs is held constant.