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प्रश्न
A holiday resort in a remote village is very popular among the tourists. Since the connectivity is very poor with the outer world, the owner employs the local villagers for the functioning of the resort.
This is a case of:
विकल्प
Perfect competition
Monopoly
Monospony
Monopolistic competition
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उत्तर
Monospony
Explanation:
This is an example of a monopsony, where there is only one buyer of labour (the resort owner) and numerous sellers of labour (local people). Because the people have few other employment options, the resort owner holds considerable authority over wages and working conditions.
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संबंधित प्रश्न
Identify the market having a single buyer and many sellers from the following:
How is Perfect competitive market is different from a monopoly market?
'Homogeneous products' is a characteristic of ______.
A seller cannot influence the market price under:
Indian Railways is an example of ______.
Match the following and select the correct option.
| Column I | Column II | ||
| (i) | Perfectly elastic demand | (A) | Oligopoly |
| (ii) | Less elastic demand | (B) | Monopolistic competition |
| (iii) | More elastic demand | (C) | Perfect competition |
| (iv) | Indeterminate demand | (D) | Monopoly |
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
Identify the market form for the item given below:
Product differentiation
Name the characteristic which makes monopolistic competition different from perfect competition.
