Which statement is true?
A)Right-to-work laws promote the formation of union shops.
B)A monopsony is the only buyer of a product for which there are no close substitutes.
C)Under a union shop,an employer may hire only union workers.
D)Monopsonies are illegal under the Taft-Hartley Act.
E)None of these statements are true.

Question

Quizplus · Accepted Answer

A monopsony is defined as a market structure in which a single buyer purchases all of a particular good or service, and there are no close substitutes. This is the only statement that accurately describes a monopsony.

Which Statement Is True