Which of the Following Situations Describes a Monopsony

question 8

Multiple Choice

Which of the following situations describes a monopsony?

• A) Nicolette is an ice cream artist and several shops are hiring.
• B) Francine is the only teleport technician in the world.
• C) Fernando is an accountant in New York City.
• D) Leslie is a college instructor and there is only one university within 300 miles of her permanent residence.
• E) Leo is the only professional dog groomer in town.

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Definitions:

Settlement Agreement

A legally binding contract between parties resolving a dispute or lawsuit outside of court through mutual concessions.

Decision

The conclusion or resolution reached by a court, judge, or arbiter in a legal case.

Summary Jury Trial

A settlement method in which a trial is held but the jury's verdict is not binding. The verdict acts as a guide to both sides in reaching an agreement during mandatory negotiations that follow the trial. If a settlement is not reached, both sides have the right to a full trial later.

Mini-trial

A voluntary, private, informal dispute resolution process where parties present their cases to a neutral advisor or a panel, which then offers a non-binding verdict.