A bilateral monopoly means
A) that a monopsonistic employer bargains with two unions.
B) that a monopsonistic employer bargains with both an industrial and a craft union.
C) that a monopsonistic employer bargains with a monopoly.
D) that an industrial union bargains with a two-firm oligopoly.
C
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If society allows firms to freely pollute the environment, then which of the following is true?
a. The efficient output level can be achieved by giving firms a subsidy for the pollution they generate. b. Market equilibrium output will be too high relative to the efficient output level. c. Market equilibrium output will be too low relative to the efficient output level. d. Market equilibrium output will be equivalent to the efficient output level.