Monopsonistic exploitation is
A) measured by the area above the supply curve but below the wage paid.
B) the difference between the marginal revenue product of a worker and the wage received by the worker.
C) measured by the height of the supply curve of labor.
D) the cost to society from unions.
B
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If three pizza delivery companies agree to decrease their output and raise the price of their pizzas to $15, this is an example of ________.
A) resale price maintenance B) bid rigging C) market division D) price fixing
The marginal income tax rate applies to
A) all income earned by a family. B) the income in the highest tax bracket reached. C) the income of the highest income U.S. taxpayers. D) the income received by people above the national average.
When a monopolistically competitive firm’s demand curve is tangent to it average cost curve,
A. the firm earns zero economic profit. B. new firms do not enter the market. C. the market is in long run equilibrium. D. All of these responses are correct.
Answer the question on the basis of the following data. All figures are in billions of dollars. Gross Investment 18 National Income 100 Net Exports 2 Personal income 85 Personal Consumption Expenditures 70 Saving 5 Government Purchases 20 Net Domestic Product 105 Statistical Discrepancy 0 Refer to the above data. Consumption of fixed capital is:
a) $5. b) $10. c) $20. d) $30.