A Situation with Only One Buyer of Labor Is Called

question 108

Multiple Choice

A situation with only one buyer of labor is called a(n)

• A) monopoly.
• B) oligopoly.
• C) monopsony.
• D) labor market equilibrium.
• E) labor market disequilibrium.

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Definitions:

Legal Perspective

A viewpoint or analysis based on the principles and applications of law.

Practical Business

Pertains to common-sense strategies and actions within the realm of business aimed at efficiency and profitability.

Statute Of Frauds

A legal concept requiring certain types of contracts to be written and signed to be legally enforceable.

Contract Law

Contract law is the body of law that governs the creation, enforcement, and interpretation of agreements between parties, defining obligations mutually agreed upon.