Which of the Following Correctly Describes a Monopsony

question 54

Multiple Choice

Which of the following correctly describes a monopsony?

• A)A monopsony firm is the sole supplier of an input.
• B)In a monopsony market,two or more firms set output assuming the other's output is constant.
• C)A monopsony firm is the sole buyer in an input market.
• D)In a monopsony market,a group of firms collude to set prices.

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Definitions:

Personality Inventory

A questionnaire or other standardized instrument designed to reveal aspects of an individual's character or psychological makeup.

B Data

B Data refers to behavioral data, which includes observations of an individual's behavior in natural or controlled environments as a method of psychological assessment.

IQ Tests

Standardized tests designed to measure human intelligence and cognitive abilities relative to a population.

TAT

Thematic Apperception Test, a projective psychological test used to examine a person's patterns of thought, attitudes, observational capacity, and emotional responses.