A Monopsony

question 75

Multiple Choice

A monopsony

• A) Is a market in which there is a single buyer.
• B) Is a market in which there is a single seller.
• C) Occurs when sellers have declining long-run average costs.
• D) Occurs when buyers have declining long-run average costs.

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Definitions:

Overgeneralize

Making broad generalizations from a single or few instances, often leading to inaccurate conclusions.

Legislatures

Governing bodies with the authority to make, amend, and repeal laws within a certain jurisdiction.

Experiment

A scientific procedure undertaken to make a discovery, test a hypothesis, or demonstrate a known fact.

Consciousness

The state of being aware of and able to think about one's own existence, sensations, thoughts, surroundings, etc.