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Over the past twenty years, free agency in professional sports hasAnswerCorrect Answer:Reduced the monopsonistic power of leagues and caused salaries to riseQuestion 184 out of 4 pointsProfessional baseball enjoys an exemption from ________ laws that make cartels illegal in most other industries.AnswerCorrect Answer:AntitrustQuestion 194 out of 4 pointsUnder which of the following conditions will a monopsony hire an additional worker? WhenAnswerCorrect Answer:MCL < MRP
Question 204 out of 4 pointsIn a product market with a cartel, prices will be _____ and output will be _____ than in a competitive market.AnswerCorrect Answer:Higher; lowerQuestion 214 out of 4 pointsA resource market with only one buyer of a factor of production is called a(n)AnswerCorrect Answer:MonopsonyQuestion 224 out of 4 pointsThe additional cost incurred as a result of hiring an additional worker is the firm'sAnswerCorrect Answer:Marginal cost of laborQuestion 234 out of 4 pointsIf a cartel discovers that its marginal revenue is greater than its marginal cost of production, the cartel shouldAnswer
Correct Answer:Increase productionQuestion 244 out of 4 pointsThe difference between a worker's contribution to the firm's receipts and the wage isAnswerCorrect Answer:Monopsony profitQuestion 254 out of 4 pointsOne way in which professional sports leagues enforce the monopsonistic employment of players is throughAnswerCorrect Answer:Salary capsQuestion 264 out of 4 pointsWhich of the following releases professional athletes from some of the monopsony powers of the sports leagues?AnswerCorrect Answer:Free agencyQuestion 274 out of 4 points
For a cartel, theAnswerCorrect Answer:Marginal revenue curve lies below the demand curveQuestion 284 out of 4 pointsToday, the primary source of revenue for most major league clubs isAnswerCorrect Answer:Broadcast rightsQuestion 294 out of 4 pointsWhich of the following conditions can give rise to a monopsony employer?AnswerCorrect Answer:Immobile workers with highly specialized skillsQuestion 300 out of 4 pointsWhich of the following best characterizes a cartel arrangement?AnswerCorrect Answer:Shared monopoly
ECO405 QUIZ C 8-9Question 14 out of 4 pointsMonopoly refers toAnswerCorrect Answer:A single seller of a product for which there are no good substitutesQuestion 24 out of 4 pointsOne difference between a competitive seller and a monopolistic seller is that theAnswerCorrect Answer:Monopolist has some price setting abilityQuestion 30 out of 4 pointsConcentration ratios are used to measure theAnswerCorrect Answer:Potential monopoly power within an industry