A monopsonist hires labor in a market with perfectly competitive supply. Whenever she hires an additional worker,
a. she must reduce the wage paid to all workers already hired.
b. she will not change the wage paid to all workers already hired.
c. she must raise the wage paid to all workers already hired.
d. she may or may not choose to change the wage paid to all workers already hired.
c
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Structural unemployment is the result of
A) technological change or foreign competition. B) normal labor market turnover. C) a slowdown in the rate of economic expansion. D) irresponsible workers with poor work habits. E) changing weather patterns through the year.
The definition of cross elasticity of demand for two products X and Y is
a. percentage change in quantity of X demanded/percentage change in quantity of Y demanded. b. percentage change in price of Y/percentage change in quantity of X demanded. c. percentage change in price of Y/percentage change in price of X. d. percentage change in quantity of X demanded/percentage change in price of Y.