Which of the following statements is true about monopsony?
a. Monopsonists face an upward-sloping supply curve of labor as long as unions control the supply curve of labor
b. Monopsonists can choose to hire any number of workers they wish.
c. Monopsonists are also monopolists.
d. Monopsonists will keep hiring until the worker's MRP = TLC.
e. Monopsonists face a horizontal supply curve of labor as long as unions do not control the supply of labor.
B
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Which type of business involves one partner managing while the others are financial partners only?
a. sole partnership b. general partnership c. limited partnership d. managerial partnership e. none of these
Land rents account for nearly
A. 5 percent of U.S. income. B. 15 percent of U.S. income. C. 25 percent of U.S. income. D. 50 percent of U.S. income.
If the efficient-market hypothesis is true, then the idea of:
A. herd instinct doesn't always hold. B. tulip mania doesn't always hold. C. tulip mania holds. D. herd instinct holds.
As a result of a shortage,
A. Producers reduce supply. B. Producers increase output and raise price. C. Government purchases decrease. D. Consumers increase demand for the product.