Scenario 14.1 A Worker in Firm a Earns an Income of $5,000

question 40

True/False

Scenario 14.1
A worker in Firm A earns an income of $5,000 per month. He has been offered a job in Firm B where he will be paid a salary of $7,000 per month.
-A firm is said to be a monopsonist if it is the sole seller of a commodity in the market.

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Definitions:

Enzymes

Biological molecules that significantly speed up the rate of virtually all of the chemical reactions that take place within cells.

Organic Compounds

Chemical compounds that contain carbon-hydrogen bonds, including a wide range of substances such as fuels, plastics, food additives, and drugs.

Proteins

Large, complex molecules made of amino acids that perform a vast array of functions in living organisms, including structural, enzymatic, and regulatory roles.

Polysaccharide

Polymer made from carbohydrate monomers; the polysaccharides starch and glycogen are polymers of glucose monomers.