A Monopsony Exists When

question 140

Multiple Choice

A monopsony exists when

• A)there is a single seller with no rivals in an input market.
• B)there is a labor union controlling labor supply in a labor market.
• C)there is a single buyer with no rivals in an input market.
• D)employers in a labor market face a horizontal labor supply curve.

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Definitions:

Superiority

The state of being superior or higher in quality, rank, or importance.

Societal Norm

The accepted behaviors, values, and standards within a society or community that are considered normal or typical.

Flexibility

The ability to adapt to new, different, or changing requirements and situations without significant difficulty.

Mutual Ground

A shared understanding or common interests that enable parties in a discussion or negotiation to find agreement.