An oligopsony exists if
A. Only one firm accounts for most of the industry's employment.
B. There is no buyer concentration in the labor market.
C. Only a few firms produce most of the industry's output.
D. Only a few firms account for most of the industry's employment.
Answer: D
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In the figure above, the marginal rate of substitution (MRS) at point A is
A) greater than the MRS at any other point on the indifference curve. B) equals the MRS at all other points on the indifference curve. C) less than the MRS at any other point on the indifference curve. D) equal to the slope of the budget line.
If a person supplies more hours of labor in response to a wage increase, then
A) the substitution effect is greater than the income effect. B) the income effect is greater than the substitution effect. C) the income effect equals the substitution effect. D) the person is not maximizing utility.