Which of the following labor markets is classified as a monopsony?
A. There are many employers, and each demands the same type of labor.
B. There are three employers, and each demands the same type of labor.
C. There are several employers, and each demands the same type of labor.
D. There is one employer for a specific type of labor.
Answer: D
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A perfectly competitive firm is making an economic profit when
A) its total revenue is greater than its total cost. B) the price is greater than the minimum of its average total cost. C) the price is greater than the minimum of its average variable cost. D) Both answers A and B are correct.
A firm in a perfectly competitive market maximizes profits when it finds
A) the price at which total revenue minus total cost is the greatest. B) the quantity at which total revenue minus total cost is the greatest. C) the quantity at which total revenue equals total cost. D) the quantity at which total revenue is maximized.
During certain periods in the past few decades, if one of the three major breakfast cereal producers in the United States announced a price increase, the other two announced a similar price increase. This is a good example of
a. monopolistic competition b. a cartel c. a pure monopoly d. the kinked demand curve model of oligopoly e. the price leadership model of oligopoly
Which of the following rises during a contraction and falls during the expansion phase of the business cycle?
a. prices b. unemployment c. output d. interest rates