In Which of the Following Situations Is There Most Likely

question 86

Multiple Choice

In which of the following situations is there most likely to be a monopsony?

• A) the market for farm workers in a large rural area
• B) the market for advertising executives in New York City
• C) the market for accountants in New York City
• D) the market for NBA players drafted out of college by one NBA team

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Definitions:

Public Interest

The welfare or well-being of the general public and society as a whole, often considered in policy-making and law.

Efficient Combination

The optimal mix of goods and services produced with given resources to achieve maximum value or output.

Total Quantity

The overall amount or volume of a product or resource available or produced.

Unit of Output

The measurement of what is produced or accomplished within a given timeframe or per cycle of operation, typically associated with productivity.