A perfect price discriminating monopoly produces the same quantity of output as a ________
A) single-price monopoly but charges a higher price
B) perfectly competitive market
C) perfectly competitive firm
D) perfectly competitive market but charges a lower price
B
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When a group of workers forms a union, they introduce an element of
A) pure competition into the labor market. B) monopoly into the labor market. C) monopoly into the product market. D) monopsony into the product market.
There are three goods you are interested in purchasing, X, Y and Z. You notice that the price of Z has fallen. Given that the cross price elasticity between Z and Y is ?1.5; the cross price elasticity between Y and X is 3.0, and the cross price elasticity between Z and X is 0.50. It would make sense that:
A. Z and X are complements; Y and X are substitutes. B. Y and X are substitutes; Y is complementary to Z. C. X and Z are unrelated; Y is complementary to X. D. X and Z are complements; Y and Z are substitutes.