A monopsony has
a. one seller.
b. a single buyer.
c. many sellers.
d. many buyers.
b. a single buyer.
You might also like to view...
The above figure shows the payoff matrix for two firms, A and B, choosing to produce a basic computer or an advanced computer. The mixed-strategy Nash equilibrium is
A) Firm A produces an advanced computer with 80% chance, firm B produces an advanced computer with 20% chance. B) Both firms produce advanced computers with 50% chance. C) Firm A produces an advanced computer with 60% chance, firm B produces an advanced computer with 40% chance. D) Both firms produce advanced computer with 80% chance.
The Big Blue Sky jet company has long-run total costs of $20 million if it produces 5 jets and long-run total costs of $24 million if it produces 6 jets. The Big Blue Sky jet company is experiencing
a. economies of scale. b. constant returns to scale. c. diseconomies of scale. d. negative profits.
Tom decides to withdraw $300 out of his checking account. The impact of this transaction on the Fed's balance sheet will be:
A. total assets decrease by $300 and the liability of currency increases by $300. B. no change in total assets or total liabilities, but an increase in the liability of currency and a decrease in the liability of reserves by $300 respectively. C. no change in total assets but the liability of currency increases by $300. D. no change in either total assets or total liabilities.
If total utility has reached a maximum level, and assuming that diminishing marginal utility already applies, then what will happen as the consumer consumes additional units of the product?
A. Marginal utility of the additional units will be greater than zero B. Total utility will turn negative C. Marginal utility of the additional units will turn negative D. Total utility will increase at a diminishing rate