The labor market in professional baseball is an example of
A) a bilateral monopoly.
B) a monopsonistic labor market.
C) a monopolistic labor market.
D) a perfectly competitive labor market.
A
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The production possibilities frontier (PPF) illustrates the combinations of goods that society can consume when trading with other producers
a. True b. False Indicate whether the statement is true or false
Answer the following statement true (T) or false (F)
1) Both neoclassical and behavioral economics believe that people are mostly rational in both their decision making and their actions. 2) Behavioral economists believe that while people try to make rational decisions, they are frequently subject to systematic errors. 3) Behavioral economics recognizes that people frequently make errors, but these errors generally cancel out in such a way that neoclassical models are sufficient for predicting economic outcomes. 4) Neoclassical and behavioral economics are generally complementary.