1. The difference between a monopsonist and a monopolist is that
a. a monopolist and a monopsonist can both affect output price, but a monopsonist can also affect resource price.
b. a monopolist can affect output price, whereas a monopsonist can affect resource price.
c. a monopolist can affect resource price, whereas a monopsonist can affect output price.
d. a monopolist sells goods in a perfectly competitive market, whereas a monopsonist buys resources on a perfectly competitive market.
e. a monopsonist and a monopolist can both affect resource prices, but a monopolist can also affect output prices.
2. In a perfectly competitive output market, the value of the marginal product of a resource is
a. greater than the MRP.
b. equal to the MRP.
c. less than the MRP.
d. equal to zero.
e. rising as output rises.