Which of the following statements is TRUE when comparing monopsony and competitive labor markets?
A) The monopsony hires more workers but pays a lower wage.
B) The monopsony hires more workers at a higher wage.
C) The monopsonist's wage is lower and quantity of labor higher than would prevail under competition.
D) The monopsonist's wage and quantity of labor are lower than would prevail under perfect competition.
D
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Which of the following statements is TRUE regarding the textbook used in this course?
A) The textbook presents only economic theory, so no value judgments are involved in the text. B) The textbook does not include normative statements. C) The microeconomic section of the book includes only positive analysis while the macroeconomic section includes normative analysis. D) The selection of topics included in the book involves value judgments as well as economic theory.
Price discrimination is always illegal
a. True b. False Indicate whether the statement is true or false