A monopsonist in the labor market has
A) a perfectly elastic labor supply.
B) a decreasing average variable cost.
C) an upward sloping labor supply curve.
D) a downward sloping marginal revenue product curve.
Answer: C
You might also like to view...
If the price of muffins, a normal good you enjoy, rises, then
A) both the income and substitution effects lead you to buy fewer muffins. B) the substitution effect which causes you to decrease your muffin consumption outweighs the income effect which causes you to increase your muffin consumption, resulting in fewer muffins purchased. C) the income effect which causes you to decrease your muffin consumption outweighs the substitution effect which causes you to increase your muffin consumption, resulting in fewer muffins purchased. D) the income and substitution effects offset each other but the price effect leads you to buy fewer muffins.
Which of the following can be thought of as a barrier to entry?
A) scale economies. B) patents. C) strategic actions by incumbent firms. D) all of the above