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What is a monopsony and how does a monopsonistic firm determine the wage rate to pay its employees?
Testator
An individual who has made a valid will to direct the distribution of their estate after their death.
Abatement
A reduction, decrease, or complete removal, often in reference to taxes, rent, or nuisances.
Legatee
One designated in a will to receive a legacy (a gift of personal property).
General Bequest
A testamentary gift of a particular amount of money or a specific percentage of the estate, not tied to any particular asset.
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