Which of the Following Is Most Likely to Be an Example

question 88

Multiple Choice

Which of the following is most likely to be an example of monopsony?

• A) The market for fast-food workers in a large summer resort town.
• B) The market for card dealers in Las Vegas.
• C) The market for Major League Baseball umpires.
• D) The market for retail sales clerks in a major city.

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Definitions:

Price Discrimination

The selling of a product to different buyers at different prices when the price differences are not justified by differences in cost.

Smoot-Hawley Act

A United States legislative act passed in 1930, which raised tariffs on thousands of imported goods, contributing to the severity of the Great Depression.

Import Restrictions

Government-imposed limits or duties on the quantity or value of goods that can be imported into a country.

Military Self-sufficiency

The capability of a nation to produce all necessary military supplies and services internally without relying on foreign assistance.