The town of Newton, Iowa, has a population of only 15,800, with 4,000 employed by the Maytag manufacturing plant located there. This situation would be an example of Choose one: A. a monopoly. B. derived demand. C. a monopsony. D. economic rent.

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07-04-2022
Business

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The town of Newton, Iowa, has a population of only 15,800, with 4,000 employed by the Maytag manufacturing plant located there. This situation would be an example of Choose one: A. a monopoly. B. derived demand. C. a monopsony. D. economic rent.

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Parrain Parrain · Answer 1 · 2022-04-12T11:08:14+02:00

Based on the situation in the town of Newton, we can refer to this as an example of a C. Monopsony.

What is a Monopsony?

This refers to an economic situation where there is only one buyer for the goods and services being supplied.

The situation in Newton is a monopsony because Maytag Manufacturing seems to be the only or at the very least, the major buyer of the town's labor.

Find out more on monopsonies at https://brainly.com/question/7177611.