PracticeQuiz content is free on an ad-supported model.

Unfortunately, we can't support ad blocker usage because of the impact on our servers. If you'd like to continue, please disable your ad blocker and reload page.

Reload page

AP Microeconomics

Category - Microeconomics

Start a Study Session Sign up for Question of the Day

What is it called when a single firm has market power in the labor market?

Oligopoly
Monopoly
Monopsony
Imperfect competition

Explanation

Answer - C - It is called monopsony when a single business has market power in the labor market.

Key Takeaway: In a monopsony, one single business (a buyer) has the market power in the labor market, facing many sellers. It is like a monopoly (in which one seller faces several buyers) and is also an example of imperfect competition.

Was this helpful? Upvote!

Start a Study Session Sign up for Question of the Day

AP Microeconomics

Top questions

Related questions

Most popular on PracticeQuiz

Ad-Blocker not supported

AP Microeconomics

Top questions

Related questions

Most popular on PracticeQuiz