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AP Microeconomics

Category - Microeconomics

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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.

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