A firm that is the sole buyer in a factor market is known as a
A)monopolist.
B)public employee union.
C)monopsonist.
D)perfect competitor.

Name: A firm that is the sole buyer in a factor market is known as a A)monopolist. B)public employee union. C)monopsonist. D)perfect competitor.
Brand: Quizplus
Rating: 5.0 (42 reviews)

Question

Quizplus · Accepted Answer

A monopsonist is a market condition where there is only one buyer for a particular product or service, making it the sole buyer in a factor market. This contrasts with a monopolist, which is the sole seller.

A Firm That Is the Sole Buyer in a Factor