Firms that coordinate economic activities to reduce competition is considered illegal per se.

Relative to a competitive labor market, monopsony

A) is also efficient. B) creates a deadweight loss because it pays an excessive wage. C) creates a deadweight loss because the wage is below the marginal revenue product of labor. D) creates a deadweight loss because the wage is above the marginal revenue product of labor.

Recall this discussion from the text. The supply of 20-year-old French wine has a price elasticity of supply of

a. 1.00 b. -1.0 c. 0 d. infinity e. 20