In comparison to an employer in a competitive labor market, a monopsony employer pays a ________ wage rate and hires ________ workers

A reason a nation faces diminishing returns along a production function is because

A) unemployment always exists. B) potential GDP is fixed. C) the quantity of physical capital is fixed. D) full employment is not possible. E) the wage rate is fixed while moving along the production function.

A cartel is most likely to occur in

A) perfect competition as firms compete by reducing cost. B) oligopoly as firms act together to raise prices and increase profits. C) monopolistic competition where firms collude to increase profits. D) oligopoly as firms compete to lower price and increase their own profits. E) monopoly because it faces no competition.