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Economics
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31 Oct 2020

12. The word monopsony means

a. one market

b. one buyer

c. one seller

d. one strategy

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Microeconomics
Skill
Understanding the Labor Markets
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Raushan Raj
Raushan RajLv8
31 Oct 2020

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Related questions

Question 1:

Discuss various types of barriers that work in favor of a monopoly (legal barrier, a technological barrier, ownership of a key resource, natural monopoly, scale economy)

Question 2:

Assume Hershey, Pennsylvania's only employer is Hershey Chocolate company which means it is a monopsony (single buyer) in the local labor market. Also assume, all workers belong to one trade union implying the monopoly (one seller) in the labor market. Discuss the equilibrium wage and number of workers hired in this scenario relative to the competitive labor market equilibrium scenario.

1. The percentage of the labor force that belongs to a union is known as the:

a) Union share ratio.

b) Unionization ratio.

c) Union participation ratio.

d) Unionized percentage ratio.

2. The equilibrium wage rate is determined by:

a) Individuals but not firms.

b) Market labor supply and market labor demand.

c) Labor unions.

d) Firms but not individuals.

3. The effect of union exclusion of non-union workers is to:

a) Increase the shortages of non-union workers.

b) Reduce the wages of non-union workers.

c) Increase the number of jobs for non-union workers.

d) Increase the surplus of union workers.

4. A market with one buyer and one seller is a:

a) Bilateral monopsony.

b) Multiopoly.

c) Bilateral monopoly.

d) Multilayer monopoly.

A monopoly is a market for a good or service that: 
 
A. Has few competitive firms. 
B. Is perfectly competitive. 
C. Has one buyer. 
D. Has one seller. 

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