A monopsony is an example of:
A. a buyer holding market power.
B. a seller holding market power.
C. a single seller holding all market power.
D. an efficient market with no market power.
Answer: A
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Suppose at the current level of labor used, MRP = $100 and MFC = $150. To maximize profits, the firm should
A) hire more labor. B) reduce the level of labor. C) maintain the current level of labor. D) expand production.
If Holly's demand for fast food decreases as her income rises, then
a. fast food is a normal good for her b. the law of demand must apply c. fast food is a complementary good d. fast food is an inferior good for her e. fast food is a substitute good
The aggregate supply curve is
a. generally flatter as the level of resource use rises. b. never vertical, even at full employment. c. relatively flat at low levels of output. d. relatively steep at low levels of output.
A potential benefit that comes from social regulations would be
A. higher tax collections. B. more layoffs. C. higher costs. D. a cleaner environment.