A monopsonist is
A) a firm with monopoly power in the local area.
B) a firm that has a unionized labor force.
C) a single seller of an input.
D) a single buyer of an input.
Answer: D
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If the economy produces its potential output level, then unemployment is at the natural rate and the actual price level is equal to what producers and others expected. Consequently there is no tendency for price or output to change
Indicate whether the statement is true or false
Which of the following provides young people with a strong incentive to make regular payments into a retirement program and invest these funds in a diverse set of stocks?
What will be an ideal response?
Recall the Application about the response of bike messengers in Zurich to a change in wages to answer the following question(s).Recall the Application. A study of bike messengers in Zurich showed that as the messengers' revenue share increased from 40% to 50%, they:
A. worked more shifts but pedaled slower. B. worked less shifts and pedaled slower. C. worked less shifts but pedaled faster. D. worked more shifts and pedaled faster.
The equation (MPL/PL) = (MPK/PK) represents
A. profit maximization. B. the short-run production function. C. diminishing marginal returns. D. cost minimization.