Suppose a previously competitive labor market turns into a monopsony. The labor supply curve faced by the new monopsonist is
a. above the labor supply curve under perfect competition
b. the market supply curve of labor
c. below the labor supply curve under perfect competition
d. changed because workers are now more willing to supply labor
e. perfectly horizontal
B
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The reason we are willing to accept money with no intrinsic value is that
A) the money supply is backed by an equal amount of gold and silver. B) we have a fiduciary monetary system in which currency has both acceptability and predictability of value. C) the value of the money varies directly with changes in the price level. D) paper currency may be exchanged for full-bodied money.
The demand for Mexican tomatoes by an American food grocery chain creates a
A) demand for the U.S. dollar. B) demand for an interest rate differential. C) supply of Mexican pesos. D) supply of U.S. dollars.
The classical model is a model in which
a. governmental policies are needed to ensure full employment. b. wages and prices are perfectly flexible. c. the public has perfect information. d. None of the above e. b and c
Which of the following explains why elected representatives will find borrowing to be an attractive method of financing current government programs?
What will be an ideal response?