A monopsonist can choose the ____________, while a monopolist can choose the ___________
a. price it will charge; wage rate it will pay
b. wage rate it will pay; price it will charge
c. price for its output; quantity it will produce
d. marginal product of labor; marginal cost of labor
e. number of competitors; number of buyers
B
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Cartels display a pronounced tendency to disintegrate over time because
A) increased profits induce laziness and carelessness among cartel members. B) nobody benefits in the long run from their operation since they merely redistribute wealth. C) their operation is so blatantly contrary to the public interest. D) there are so many margins on which competition can occur.
If steak and potatoes are complements, when the price of steak goes up, the demand curve for potatoes:
A) shifts to the right. B) shifts to the left. C) stays the same. D) shifts to the right and then moves back.