20. A monopsony is a market condition in which there is only one buyer that dominates it. True orFalse21. Large buyers controlthe market in a monopsony. True or False22. Some economists have accused Ernest and Julio Gallo, a conglomerate of wineries and wineproducers of being a monopsony. True or False23. A bilateral monopoly exists when a market has only one supplier and one buyer. True or False24. The wage rate is the price paid per unit of labor services, in this case an hour of work. True orFalse25. Nominal wages are the amount of money received per hour, day, or year. True or False26. A real wage is the quantity of goods and services a worker can obtain with nominal wages. Trueor False27. Real wages revealthe "purchasing power" of nominal wages. True or False28. The Fair Labor Standards Act in 1938, in the United States set the federal minimum wages. Trueor False

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20. A monopsony is a market condition in which there is only one buyer that dominates it. True or False

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Monopoly

Section: Chapter Questions

Problem 9PA

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Question

20. A monopsony is a market condition in which there is only one buyer that dominates it. True or
False
21. Large buyers controlthe market in a monopsony. True or False
22. Some economists have accused Ernest and Julio Gallo, a conglomerate of wineries and wine
producers of being a monopsony. True or False
23. A bilateral monopoly exists when a market has only one supplier and one buyer. True or False
24. The wage rate is the price paid per unit of labor services, in this case an hour of work. True or
False
25. Nominal wages are the amount of money received per hour, day, or year. True or False
26. A real wage is the quantity of goods and services a worker can obtain with nominal wages. True
or False
27. Real wages revealthe "purchasing power" of nominal wages. True or False
28. The Fair Labor Standards Act in 1938, in the United States set the federal minimum wages. True
or False

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