When a union faces a monopsony buyer, a ________ exists

A transaction cost associated with spot trading is:

a. travel to and from the market. b. shipping costs. c. brokerage commissions. d. the spread, which is earned mostly by large banks.

A binding price floor is designed to:

a. increase efficiency. b. raise the price above the equilibrium price. c. keep the price below the equilibrium price. d. generate a shortage