At the Monthly Meeting of the Chamber of Commerce,a Representative

question 4

Multiple Choice

At the monthly meeting of the Chamber of Commerce,a representative from a local tour bus company makes a presentation about the economic advantages of using her company's services for the visiting dignitaries.What kind of special-occasion speech is this?

• A)public-relations speech
• B)professional report
• C)keynote address
• D)ceremonial speech

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Definitions:

Marginal Product

The additional output that results from the use of one more unit of a factor of production, keeping all other factors constant.

Monopsonist

A market condition where there is only one buyer for many sellers, giving the buyer significant power over prices and terms.

Nonunion Labor Force

Employees who are not members of a labor union and do not have negotiated contracts concerning their wages, benefits, and working conditions.

Monopsonist

A market condition in which a single buyer substantially controls the market as the major purchaser of goods and services.