A market in which a single firm hires labor, but workers compete against one another for jobs, is a bilateral monopoly.
Answer the following statement true (T) or false (F)
False
A bilateral monopoly exists when there is one seller and one buyer in a market.
Economics
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For society as a whole, producing more of one good or service has an opportunity cost because
a. human wants are limited and resources are unlimited b. both human wants and resources are unlimited c. resources are limited; human wants are irrelevant d. human wants are unlimited and resources are limited e. both human wants and resources are limited
Economics
In the circular-flow diagram, factors of production are the goods and services produced by firms
a. True b. False Indicate whether the statement is true or false
Economics