Economists define a labor market with only one buyer to be
a. a monopoly
b. an oligopoly
c. a monopsony
d. perfectly competitive
e. backward bending
C
Economics
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Jim's Shoe Shine Shop operates in a perfectly competitive market. If its marginal revenue is $5 per shine, then
a. the next shine will bring in less than $5 in additional revenue b. the next shine will bring in more than $5 in additional revenue c. the market price per shine is $5 d. price is less than $5 e. price is equal to total revenue at all output levels
Economics
"Real business cycle" theory argues that business cycles do not, in fact, exist
Indicate whether the statement is true or false
Economics