1. Which of the following best describes a monopsonist?
It is a firm that is the only buyer of a good or service.
It is a firm that is the only seller of a good or service.
It is a firm that has almost unlimited pricing power over the goods and services it sells.
It is a theoretical abstract and does not exist today. 4.762 points
2. Which of the following is true of an imperfectly competitive labor market?
labor is mobile and can easily find work with another firm
there are many employers
employers have some influence over wages (i.e. the price of labor)
all the above.
3. With regard to monopsonists, which of the following is most accurate?
Monoponies only existed a long time ago and do not exist today.
The retail industry is a good example of a monopsony.
Labor has no way of resisting a monopsony.
None of the above.