When a monopsony coal mining firm has control over employment in the rich coal fields of Harlan County, Kentucky,
a. it will pay its workers the market equilibrium wage
b. workers will work for the firm that pays the higher wage rate
c. coal buyers will continue to buy coal from other counties
d. coal miners will only have one employment option
e. wages will be determined only by the demand for labor
D
You might also like to view...
The narrowly-defined money supply in the U.S., called M1, does not include which of the following?
A) Coins in circulation B) Currency in circulation C) Currency in the vaults of commercial banks D) Demand deposit liabilities of commercial banks
Which of the following is false about a liquidity trap situation: a. The Fed could not appreciably raise short term interest rates
b. If the Fed added reserves to the banking system, it would have little effect on investment. c. Traditional monetary policy would be relatively weak in its effects on aggregate demand. d. Expansionary monetary policy would tend to increase excess reserves in the banking system.
Which of the following is a weakness in trying to get the wealthy to bear more of the burden of increasing growth in a less developed country?
a. The wealthy do not have significant political power. b. The wealthy can move their savings to other countries. c. The wealthy do not have much money to tax. d. The wealthy have large homes in their country and so are less likely to leave. e. The wealthy have powerful businesses that they are unable to relocate.
All of the following can be used to compute average profit except
A) marginal profit minus marginal cost. B) total profit divided by quantity. C) average revenue minus average total cost D) price minus average total cost.