A craft union is an example of a monopsony labor market.

Name: A craft union is an example of a monopsony labor market.
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A craft union represents skilled workers in a specific trade or industry, aiming to negotiate wages and working conditions with employers, not to act as a single buyer (monopsony) in the labor market. Monopsony refers to a market condition where there is only one buyer for a particular type of labor.

A Craft Union Is an Example of a Monopsony Labor