A Monopsony

question 44

Multiple Choice

A monopsony

• A)Is a market in which there is a single buyer.
• B)Is a market in which there is a single seller.
• C)Occurs when sellers have declining long-run average costs.

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Definitions:

Observer

An individual who watches or notices something without directly participating.

Group

A collection of individuals who interact with one another, share similar characteristics, and collectively have a sense of unity.

Bystander Effect

A phenomenon where individuals are less likely to offer help to a victim when other people are present.

Social Loafing

The phenomenon where individuals exert less effort when working in a group than when working alone.