Which of the following is characteristic of a labor market that is a monopsony?
A. The type of labor available is relatively mobile from one industry to another
B. The supply curve for labor lies above the marginal resource cost curve of the firm
C. The wage rate the firm must pay varies directly with the number of workers it employs
D. The firm's employment is a small portion of the total employment of that type of labor
C. The wage rate the firm must pay varies directly with the number of workers it employs
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An economic expansion rather than a recession occurs
A) when the federal budget is balanced. B) when the unemployment rate falls below 5 percent. C) when growth in real GDP is positive. D) when the unemployment rate is not changing.
Steve Jobs and Apple achieved tremendous successes with iMac, iPhone, iPad by:
A. Developing and producing these products in foreign locations B. Outsourcing the development and production to other companies C. Developing and producing both hardware and software D. Mimicking, with great speed, its rivals and competitors