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.