If the wage rate in a monopsonistic industry is $15, the marginal factor cost will be:

A departure from the New Zealand model, in which the central bank implements an inflation target set by the government, the ECB operates according to the German model, in which the central bank:

A) has ceded power to the administration. B) has authority to set and implement the inflation target. C) functions only in a technical sense. D) is replaced by a currency board.

The price elasticity of demand for a monopolist

A) is infinite since the monopolist is the only firm in the market. B) decreases as more competition occurs in the market. C) increases as similar products enter the market. D) is undefined due to the lack of competition.