A Monopsonist Must Pay a Higher Net Wage Rate to Hire

question 27

Multiple Choice

A monopsonist must pay a higher net wage rate to hire additional workers because as a single

• A)Seller,it has market power.
• B)Seller,it does not have to compete with other firms for customers.
• C)Buyer in the market,it faces an upward-sloping supply curve for labor.
• D)Buyer in the market,it faces a flat supply curve for labor.

---

Definitions:

Quick Response System

A management approach designed to increase the efficiency of inventory management by reducing lead times and thus responding faster to market demand.

Fashion Industry

A global sector dedicated to the business of creating, manufacturing, and distributing clothing, footwear, and accessories.

Logistical Overlay

Applying additional layers of planning and implementation to ensure efficient and effective transportation, warehousing, and delivery of goods.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, typically identified as the 4 Ps: Product, Price, Place, and Promotion.