The labor market in Major League Baseball features
A) monopolistic competition between the teams and professional baseball players.
B) an oligopoly by the League in employing professional baseball players that is offset by an oligopsony by the players in the labor market.
C) a monopsony by the League in employing professional baseball players that is offset by the players' membership in a labor union.
D) a monopoly by the League in employing professional baseball players that is offset by the players' membership in a labor union.
C
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The presence of discouraged workers
A. may cause the official unemployment rate to understate the true amount of unemployment. B. reduces the size of the labor force but does not affect the unemployment rate. C. may cause the official unemployment rate to overstate the true amount of unemployment. D. increases the size of the labor force but does not affect the unemployment rate.
Suppose a monopolist has marginal cost of zero but recurring fixed costs. Then the monopolist will produce the efficient level of output so long as he can first degree price discriminate.
Answer the following statement true (T) or false (F)
A turning point is
A) a change in policy. B) a peak or a trough. C) a boom or a recession. D) a zero deviation from trend.
Risk is:
A. why the changing value of money is such a challenge. B. to always be avoided, at any cost. C. when the costs or benefits of an event or choice are uncertain. D. None of these statements is true.