A monopsonist can pick the ____, while a monopolist can pick ____
a. the price it will charge; the wage it will pay
b. the wage it will pay; the price it will charge
c. the market price for its output; the quantity it will produce
d. marginal product of labor; the marginal cost of labor
e. number of competitors; the number of buyers
b
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Consumer surplus exists when
A) it costs less to produce goods than buyers must pay for them. B) consumers value the good more highly than what they must pay to buy it. C) taxes on goods are less than the appropriate amount. D) the marginal benefit of the good is always equal to or less than the price of the good. E) the price of the good is greater than the marginal cost of producing a unit of the good.
A new tax introduced by the government will: a. decrease disposable income
b. increase disposable income. c. lead to a reduction in government spending. d. lead to an increase in government spending. e. have no effect on disposable income.