A monopsony is
A) a market in which there is only one producer of a good or service.
B) a market in which there is only one producer and one consumer of a good or service.
C) a market in which there is only one buyer of a good or service.
D) a temporary situation in labor markets when prices are adjusted through the use of collective bargaining.
C
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During the early 1990s, many workers in military-related industries lost their jobs as the defense budget was reduced. Unemployment of this type is called
a. cyclical unemployment. b. the natural rate of unemployment. c. frictional unemployment. d. structural unemployment.
If input cost rises significantly when production is increased, a firm's price elasticity of supply will tend to be low
Indicate whether the statement is true or false
A minimum wage law prohibits employers from paying workers less than a specified hourly wage. If the minimum wage is above the equilibrium wage:
A. there will be an excess demand for labor. B. employment levels will not fall. C. there will be an excess supply of labor. D. it creates a price ceiling.
Lack of the provision of public goods is considered a ______________ ______________.
Fill in the blank(s) with the appropriate word(s).