An example of monopoly power in input markets is
A) major league baseball owners in the market for player services.
B) the United Auto Workers union in the market for auto worker services.
C) OPEC in the market for crude oil.
D) all of the above
B
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The more generous the amount of unemployment benefits, the
A) lower the opportunity cost of job search. B) shorter the time spent searching for a suitable job and the higher the opportunity cost of being unemployed. C) shorter the time spent searching until accepting a suitable job. D) higher the opportunity cost of job search. E) lower the natural unemployment rate.
Evan left a job in which he was earning $75,000 a year for one he liked better but pays only $50,000 a year. Around the same time as the job switch, Evan needed to buy a new car. Had he kept his old job he would have bought a new car but instead he was forced to buy a used car. Therefore
a. used cars are normal goods for Evan b. new cars are inferior goods for Evan c. the supply curve for new cars shifted to the left d. new and used cars are complements e. used cars are inferior goods for Evan