Even when there are only a few firms in a market, the market can still be competitive as long as barriers to entry are low. Markets of this type are called

Monopoly and monopsony markets have low barriers to entry.

a. true b. false

Refer to Figure 8.1. Holding other variables constant, an increase in the skill level of workers will result in a

A) shift from curve D1 to curve D2. B) shift from curve D2 to curve D1. C) movement from point A to point B. D) movement from point B to point A.