Consider the monopsony in the above figure. The monopsony will pay a hourly wage rate equal to

Which of the following would not be included as part of personal income?

a. Welfare benefits b. Food stamps distributed by the government c. Social security benefits d. Indirect business taxes e. Corporate dividend payments to stockholders

Economists are concerned with an individual's

A) needs because needs are most important to an individual's well being. B) needs because economists define needs to be the goods people need to survive. C) wants because wants always lead to shortages in the economy. D) wants because the existence of wants leads to scarcity.