The amount of time an individual is willing to offer for a wage depends on the
a. all of the following
b. value of time devoted to leisure activities
c. boredom, discomfort, and aggravation associated with work
d. value of time devoted to nonmarket work
e. satisfaction gained from goods purchased with the wages
A
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In the United States, major league baseball is exempt from antitrust laws. Before 1975, the baseball team owners agreed to hold an annual draft of amateur baseball players
Once the players were drafted and signed by a team, they were effectively tied to that team for life. This allowed baseball owners to operate like ________ in the market for player services. A) perfect competitors B) monopolistic competitors C) a monopsonistic cartel D) a monopoly
To counteract relative price changes, the government would implement:
A. polices that affect the supply and demand for a specific good. B. fiscal policy. C. monetary policy. D. policies that affect the supply and demand for all goods and services.