1.In a perfectly competit

1.In a perfectly competit

1.In a perfectly competitive factor market, the supply of factor to an individual firm is:A) vertical.B) horizontal.C) upward sloping.D) downward sloping.2.A market in which there is a single buyer of a good, service, or factor of production is a(n):A) duopoly.B) oligopoly.C) monopoly.D) monopsony.3.The wage paid by a firm buying labor in a monopsonistic market:A) is greater than the wage in the situation where the monopsony firm was broken up into a large number of firms buying inputs in a perfectly competitive factor market.B) is less than the wage in the situation where the monopsony firm was broken up into a large number of firms buying inputs in a perfectly competitive factor market.C) decreases with the quantity of labor hired.D) does not change with the quantity of labor hired.4.Monopoly implies a single _______ and monopsony implies a single _______ .A) buyer; sellerB) firm; industryC) industry; firmD) seller; buyer5.A bilateral monopoly is a market structure characterized by:A) one seller and one buyer.B) one seller and many buyers.C) one buyer and many sellers.D) two buyers and many sellers.

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