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
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The law of comparative advantage states that the person who should produce a good is the person who
a. has the lowest opportunity cost of producing that good b. can produce that good using the fewest resources c. will produce that good using the most expensive resources d. has the most desire for that good e. has produced that good in the past
A competitive car wash currently hires 4 workers, who together can wash 80 cars per day. The market price of car washes is $5 per wash, and the price of workers is $60 per day. The car wash should hire a fifth worker if it would increase total production to at least
a. 92 cars per day. b. 100 cars per day. c. 104 cars per day. d. 110 cars per day.