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1. A monopsony will:
A. pay a higher wage than a competitive employer
B. Employ a quantity of labor where the marginal revenue product equals the marginal factor cost
c. Hire more workers than a competitive employer
d. All of these
2. Marginal cost pricing is a system of pricing in which the price charged equals the marginal cost of :
A. the last unit produced
b. each unit produced
c. the profit-maximization unit
d. the first unit produced
3. Which of the following countries has the most unequal distribution of income?
a. Czech Republic
c. The United States
d. cannot be determined
In a multiple choice exam consisting of 48 questions, with four possible answers for each question, (a) what is the probability of getting more than 15 correct just by guess
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