Suppose That the Labor Market for Clerical Workers in a Major

question 18

Multiple Choice

Suppose that the labor market for clerical workers in a major city includes 1 employer and 100,000 workers.The model that best fits this situation is:

• A) monopoly.
• B) bilateral monopoly.
• C) perfect competition.
• D) monopsony.

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Definitions:

Prospective

refers to looking forward or considering future possibilities and events.

Experimental

Involving a method of learning or discovery that tests a hypothesis through controlled investigation to establish cause-and-effect relationships.

Random

Lacking a definite plan, purpose, or pattern; made, done, happening, or chosen without method or conscious decision.

Unaware

Lacking knowledge, consciousness, or realization about a specific fact, situation, or phenomenon.