A firm that is a monopolist in the output market and a monopsonist in the input market
A) will hire the same amount of labor as if perfect competition prevailed in both markets, but pay a lower wage.
B) will restrict the level of output but not that of employment compared to the perfectly competitive case.
C) will hire less labor but pay the same wage compared to the perfectly competitive case.
D) will hire less labor and pay a lower wage compared to the perfectly competitive case.
D
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A scatterplot allows us
A) to mark peaks and troughs. B) to determine whether a series leads or lags. C) to see the comovement between two time series. D) to determine how persistent a series is.
In a market system, ________ provide signals about whether resources are relatively scarce or abundant
A) prices B) economists C) government officials D) scientists and engineers