Which of the following labor markets is classified as a monopsony?
A)There are many employers,and each demands the same type of labor.
B)There are several employers,and each demands the same type of labor.
C)There are three employers,and each demands the same type of labor.
D)There is one employer for a specific type of labor.

Question

Quizplus · Accepted Answer

A monopsony is a market in which there is only one buyer or employer for a particular type of labor or product. Therefore, the only option that fits this description is D, where there is only one employer for a specific type of labor.

Which of the Following Labor Markets Is Classified as a Monopsony