Question 1

A single buyer is called a(n):

Accepted Answer

A)  monopolist. 
B)  monopsonist. 
C)  oligopolist. 
D)  labor union. 
A)  monopolist. 
B)  monopsonist. 
C)  oligopolist. 
D)  labor union.

Question 2

A change in a factor's price will have a greater effect on the quantity of the factor demanded the:

Accepted Answer

A)  smaller the change in the factor's price. 
B)  smaller the factor's share of total cost of production. 
C)  more elastic is the demand for the product the factor helps to make. 
D)  more inelastic is the demand for the product the factor helps to make. 
A)  smaller the change in the factor's price. 
B)  smaller the factor's share of total cost of production. 
C)  more elastic is the demand for the product the factor helps to make. 
D)  more inelastic is the demand for the product the factor helps to make.

Question 3

A monopsonist faces an MRC schedule that lies above the supply of labor schedule.

Accepted Answer

A) True 
 B)False

Question 4

A technological improvement that causes an increase in the marginal product of a resource will:

Accepted Answer

A)  decrease the demand for the resource. 
B)  increase the demand for the resource. 
C)  decrease the marginal revenue product. 
D)  increase the marginal resource cost. 
A)  decrease the demand for the resource. 
B)  increase the demand for the resource. 
C)  decrease the marginal revenue product. 
D)  increase the marginal resource cost.

A single buyer is called a(n):

A change in a factor's price will have a greater effect on the quantity of the factor demanded the:

A monopsonist faces an MRC schedule that lies above the supply of labor schedule.

A technological improvement that causes an increase in the marginal product of a resource will:

Limits, Alternatives, and Choices

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Elasticity of Demand and Supply

Market Failures: Public Goods and Externalities

Businesses and Their Costs

Pure Competition

Pure Monopoly

Monopolistic Competition and Oligopoly

Income Inequality and Poverty

Public Finance: Expenditures and Taxes

International Trade and Exchange Rates

Filters

Exam 10: Wage Determination

A single buyer is called a(n):

A change in a factor's price will have a greater effect on the quantity of the factor demanded the:

A monopsonist faces an MRC schedule that lies above the supply of labor schedule.

A technological improvement that causes an increase in the marginal product of a resource will:

Limits, Alternatives, and Choices

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Elasticity of Demand and Supply

Market Failures: Public Goods and Externalities

Businesses and Their Costs

Pure Competition

Pure Monopoly

Monopolistic Competition and Oligopoly

Income Inequality and Poverty

Public Finance: Expenditures and Taxes

International Trade and Exchange Rates

Filters