What is it called when a single firm has market power in the labor market?
A)Oligopoly
B)Monopoly
C)Monopsony
D)Imperfect competition

Question

Quizplus · Accepted Answer

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.

What Is It Called When a Single Firm Has Market