A situation with only one buyer of labor is called a(n)
A) monopoly.
B) oligopoly.
C) monopsony.
D) labor market equilibrium.
E) labor market disequilibrium.

Name: A situation with only one buyer of labor is called a(n) A) monopoly. B) oligopoly. C) monopsony. D) labor market equilibrium. E) labor market disequilibrium.
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Question

Quizplus · Accepted Answer

A monopsony occurs when there is only one buyer (employer) in the labor market. This gives the employer market power to set wages lower than in a competitive labor market.

A Situation with Only One Buyer of Labor Is Called