Which of the Following Statements Is True

question 100

Multiple Choice

Which of the following statements is true ?

• A) A monopsony is the only employer of a factor of production.
• B) A monopsony will pay workers a higher wage and employ fewer workers than a competitive labor market.
• C) A monopsony has a marginal factor cost curve which lies below its supply curve of labor.
• D) Unions are becoming a greater influence in American labor markets.

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Definitions:

Equation

A mathematical statement that asserts the equality of two expressions, typically represented by the symbol "=".

Straight Line

The shortest distance between two points without any curve or bend, often used in mathematical and geometric contexts.

Demand Curve

A graph representing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at various prices.

Supply Curve

A graph that shows the relationship between the price of a good and the quantity of that good that producers are willing to supply.