Which of the Following Situations Describes a Monopsony

question 8

Multiple Choice

Which of the following situations describes a monopsony?

• A) Nicolette is an ice cream artist and several shops are hiring.
• B) Francine is the only teleport technician in the world.
• C) Fernando is an accountant in New York City.
• D) Leslie is a college instructor and there is only one university within 300 miles of her permanent residence.
• E) Leo is the only professional dog groomer in town.

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Definitions:

Processing Department

A division within a factory where a specific stage of production is completed, contributing to the transformation of raw materials into finished products.

Cost System

A method employed by a business to track, record, and analyze costs, aiding in financial planning and cost control.

Total Cost Transferred

The aggregate cost of goods or services that is moved from one process or department to another within a company.

Processing Department

A segment of a manufacturing facility where goods undergo part of the production process.