A Market Share of 78

question 34

Multiple Choice

A market share of 78.5 percent would be represented in a pie chart by a slice with a central angle of:

• A) 78.5 degrees
• B) 39.3 degrees
• C) 282.6 degrees
• D) 141.3 degrees
• E) 157 degrees

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Definitions:

Monopsony

A market situation in which there is only one buyer for a product or service, giving that buyer substantial power over prices.

Rightward Shift

A movement to the right on a graph, indicating an increase in quantity supplied or demanded at a given price.

Subsidy

Payment reducing the buyer’s price below the seller’s price; i.e., a negative tax.

Labor Market

The labor market is the arena in which employers seek to hire labor and workers seek employment, and where wage rates are determined by supply and demand for labor.