Which of the following is correct about a monopsonistic market? A-Resources are efficiently allocated. B-There is one seller and many buyers. C-The monopsony has a lower quantity transacted as in a perfectly competitive market, ceteris paribus. D-The supply curve is horizontal and is equal to the average cost of labor. E-Purchase of an additional unit decreases the price of that unit and of the existing units being purchased.
Which of the following is correct about a monopsonistic market? A-Resources are efficiently allocated. B-There is one seller and many buyers. C-The monopsony has a lower quantity transacted as in a perfectly competitive market, ceteris paribus. D-The supply curve is horizontal and is equal to the average cost of labor. E-Purchase of an additional unit decreases the price of that unit and of the existing units being purchased.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
15.
The marginal benefit to suppliers will be less than the marginal cost to the single buyer. This describes
A-perfect competition
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B-
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C-an oligopoly
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D-a
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E-a monopsony
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13 Which of the following is correct about a monopsonistic market?
A-Resources are efficiently allocated.
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B-There is one seller and many buyers.
|
C-The monopsony has a lower quantity transacted as in a
|
D-The supply curve is horizontal and is equal to the average cost of labor.
|
E-Purchase of an additional unit decreases the
|
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