A Single Firm Producing a Good with No Close Substitutes

question 70

Multiple Choice

A single firm producing a good with no close substitutes is termed a(n)

• A) pure monopolist.
• B) oligopolist.
• C) monopolistic competitor.
• D) monopsonist.
• E) dominant firm.

---

Definitions:

Internal Labor Markets

Employment systems within a company or organization where workers are hired and promoted based on criteria established internally rather than competing in an external job market.

Labor Market Shelters

Describes economic sectors or employment practices that protect workers from the harshness of the market, often through regulation or unionization.

Senior Personnel

Individuals who hold high-ranking positions within an organization, typically involved in decision-making processes and strategic planning.

Codetermination

A German system of worker participation that allows workers to help formulate overall business strategy. German workers’ councils review and influence management policies on a wide range of issues, including when and where new plants should be built and how capital should be invested in technological innovation.