A monopoly market is characterized by
a. many buyers and sellers.
b. "natural" products.
c. barriers to entry.
d. a Nash equilibrium.
c
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Which of the following is true?
A) The share of government expenditure in the GDP of US has fallen over the last 80 years. B) The share of consumption expenditure in the GDP of US has increased over the last 80 years. C) The share of exports in the GDP of US has grown over the last 80 years. D) The share of exports in the GDP of US has fallen over the last 80 years.
Which of the following is not true about a monopsonist's rule to choose the profit- maximizing wage-employment combination? a. It is the same as in perfectly competitive labor markets, that is, it hires untilMRP = MLC
b. It results in workers not getting paid their marginal revenue product. c. It generates a return to monopsony power. d. It is consistent with the ethics underlying wage determination in a perfectly competitive labor market, that is W = MRP. e. It equates the marginal cost of labor to its marginal revenue product.
Which of the following states had the lowest incidence of union membership as a percent of all wage and salary workers in 2012?
a. New York, Hawaii, and Alaska b. South Carolina, North Carolina, and Arkansas c. Illinois, Michigan, and Ohio d. Nevada, Hawaii, and Alaska
If the government imposes a price ceiling below the monopolist's average cost curve, then in the long run the regulation makes:
A. consumers worse off. B. consumers better off. C. the monopolist better off. D. None of the statements is correct.