At One Point in Time, a Company Had Monopsony Power

question 15

Multiple Choice

At one point in time, a company had monopsony power in the town of Cornwall's labor market. But over time, new businesses moved to the area and the monopsony power was broken. What happened when the company lost its monopsony power?

• A)Wage rates in Cornwall decreased.
• B)Workers left the town in search of another monopsony market.
• C)Wage rates in Cornwall increased.
• D)The price of goods sold by the Cornwall company decreased.

Recognize the importance of maintaining a positive relationship with the recipient despite delivering bad news.

Know the guidelines for making a clear statement of bad news when organizing a negative message using the indirect method.

Understand how to effectively close a negative message to build goodwill.

Discern when and how to offer alternative solutions or future possibilities when refusing requests or claims.

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Definitions:

Resell

The act of selling something that one has previously purchased, either as a business practice or to transfer ownership.

In Transit

The status of goods or people being transported from one place to another; during the journey.

Carrier

A company or individual responsible for the transportation of goods or people.

Substantially Conforming

A term that refers to goods, services, or performance that meets contract specifications closely enough to fulfill the agreement's requirements.