Jake, owner of a steel plant in a rural area, employs over 90% of the workers in the area. This is an example of:

Name: Jake, owner of a steel plant in a rural area, employs over 90% of the workers in the area. This is an example of:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A monopsony occurs when there is only one buyer (or employer) in the market. In this case, Jake is the sole significant employer in the area, making his steel plant a monopsony in terms of labor.

Jake, Owner of a Steel Plant in a Rural Area