Changes

1.  A monopoly is one seller without any competitors.  What is a "monopsony"?

1.  A [[monopoly]] is one seller without any competitors.  What is a "monopsony"?

:A monopsony is only one buyer. (Allie)

:A [[monopsony]] is only one buyer. (Allie)

:A monopsony is when a buyer has control over all of the purchases. (Isaac)

:A monopsony is when a buyer has control over all of the purchases. (Isaac)

:It is really a "comparison of the comparisons."  What really matters is how much more efficiently a nation can produce one good relative to another good, compared with how much more efficiently the other nation can produce one good relative to another good.  But don't get too tangled up in this detail for purposes of the exam.  Any comparison of nations and their production of two goods on the exam is likely a question about comparative advantage, and the correct answer will almost certainly be for the cheaper country to produce what it produces best.  (Instructor)

:It is really a "comparison of the comparisons."  What really matters is how much more efficiently a nation can produce one good relative to another good, compared with how much more efficiently the other nation can produce one good relative to another good.  But don't get too tangled up in this detail for purposes of the exam.  Any comparison of nations and their production of two goods on the exam is likely a question about comparative advantage, and the correct answer will almost certainly be for the cheaper country to produce what it produces best.  (Instructor)