The labor market in Major League Baseball features
A) monopolistic competition between the teams and professional baseball players.
B) an oligopoly by the League in employing professional baseball players that is offset by an oligopsony by the players in the labor market.
C) a monopsony by the League in employing professional baseball players that is offset by the players' membership in a labor union.
D) a monopoly by the League in employing professional baseball players that is offset by the players' membership in a labor union.
C
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Mark loves ice cream. At any point in time, he will buy an additional ice cream cone if
A) the marginal benefit from it exceeds the price. B) the marginal benefit from it is zero. C) his willingness to pay is less than the price. D) there is no deadweight loss produced by his purchase of a cone. E) None of the above answers is correct.
Consumption expenditure includes
a. the production of consumption goods not sold and held in inventory. b. the purchase of consumption goods made domestically but consumed by foreigners. c. purchase of goods and services by local government. d. services, durables, and non-durable goods.