The Richest 1% of the Population Owns Most of the Capital

question 1

Multiple Choice

The richest 1% of the population owns most of the capital that:

• A) have endured all economic fluctuations.
• B) control domestic and foreign production.
• C) people really like, and want for themselves.
• D) does87n't appear on financial report and are therefore known as "shadow" assets.
• E) provides significant income.

Analyze the impact of product price changes on labor demand in monopsony and competitive markets.

Identify circumstances under which workers do and do not earn economic rent in different market structures.

Recognize how the introduction of multiple employers affects wages and employment in previously monopsonistic markets.

Determine the profit-maximizing level of labor purchase in monopsony and competitive markets.

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Definitions:

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