If a Firm Is the Sole Employer of a Factor

question 172

Multiple Choice

If a firm is the sole employer of a factor of production, it is known as

• A)a monopoly.
• B)a competitor.
• C)a monopsony.
• D)an economically discriminating firm.

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Definitions:

Reproductive System

A collection of organs and structures in the body responsible for producing offspring through sexual reproduction.

Peripheral Nervous System

Part of the nervous system outside the brain and spinal cord, responsible for connecting the CNS to limbs and organs, essentially serving as a relay between the brain and spinal cord and the rest of the body.

Somatic Nervous System

A component of the peripheral nervous system responsible for voluntarily managing movements of the body through skeletal muscles.

Autonomic Nervous System

The component of the nervous system that regulates automatic bodily functions, including the heart rate, digestion, and respiration, which are not under voluntary control.