One of the primary reasons that Mexico has experienced relatively low rates of economic growth is that for Mexican entrepreneurs,
A) the government has a history of nationalizing all successful domestically-owned industries.
B) problems in the banking system have made it difficult to obtain the funding needed to finance expansion.
C) there is a shortage of low-skilled labor to fill manufacturing jobs.
D) incentives from its neighboring Central American countries has attracted most of the foreign investment in the region.
B
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The steeper the labor supply curve,
A) the higher the wage the monopsonist pays. B) the lower the wage the monopsonist pays. C) the smaller the difference between the wage and the marginal expenditure on labor. D) the better off workers are.
Answer the following statement(s) true (T) or false (F)
1. The amount of output produced by two firms in a Cournot oligopoly setting is greater than that produced by a monopoly, but smaller than that which would be produced if the market were perfectly competitive. 2. According to the Bertrand model, price and output is higher under oligopoly than under competition. 3. A firm has monopoly power when it is the single seller of a good or service. 4. If a monopoly desires to raise its profits, it can simply raise the price it charges. 5. We know that the producer's surplus accruing to a simple monopoly firm must be greater than operating in a competitive market, else firms would not act as monopolists.