A Monopsony Restricts the Quantity of a Factor Demanded to Force

question 197

True/False

A monopsony restricts the quantity of a factor demanded to force down the price of the factor and increase profits.

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Definitions:

Inhibition

A psychological or physiological process that reduces or suppresses the response to stimuli.

Spontaneous Recovery

A conditioned response that had been extinguished reoccurs after there has been a time without exposure to the conditioned stimulus.

Conditioned Response

A learned reaction to a previously neutral stimulus that has become associated with an unconditioned stimulus through conditioning.

Unconditioned Stimulus

In the context of classical conditioning, a stimulus which innately and automatically induces a response without the necessity of prior education.