In a Certain Labor Market, Workers Are Required to Have

question 140

Multiple Choice

In a certain labor market, workers are required to have a certain skill-set. There are many workers who have the skill-set, but they can only find employment in one company. That one company is called a

• A) pure monopoly.
• B) monopolistic competitor.
• C) monopsony.
• D) natural monopoly.

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Definitions:

Credit Sales

Sales made by a business where the payment is to be received at a later date, extending credit to customers.

Accounts Receivable

Money owed to a business by its clients or customers for goods or services that have been delivered but not yet paid for.

Allowance for Doubtful Accounts

A contra-asset account used to estimate the portion of a company's receivables that might not be collected, reducing the total value of accounts receivable by a corresponding amount.

Credit Sales

Sales made on credit, meaning payment is to be received after the delivery of goods or services.