Assume the Ajax Mining Company Hires 80 Percent of the Nonunion

question 64

Multiple Choice

Assume the Ajax Mining Company hires 80 percent of the nonunion labor force of Mother Lode, New Mexico. Also, suppose that this labor force is highly immobile. Economists would describe this employer as a(n)

• A) monopolist.
• B) oligopolist.
• C) monopsonist.
• D) monopolistic competitor.

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Definitions:

Fletcher v. Peck

A landmark Supreme Court case in 1810 that ruled state laws could not impair a contract, reinforcing the sanctity of contracts and showcasing early judicial review.

U.S. Constitution

The supreme law of the United States that outlines the national frame of government and the fundamental laws and principles by which the country is governed.

State Law

Laws that are enacted and enforced by individual states within a country, as opposed to federal laws which apply to all states.

Saint Domingue

The French colony on the island of Hispaniola from 1697 until 1804, which became the wealthiest in the Caribbean due to its slave-based sugar and coffee industries before leading to the Haitian Revolution.