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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:
पर्याय
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
Non-price competition is ______.
Differentiated products is a characteristic of ______.
'A few big sellers' is a characteristic of ______.
Which among the following is a feature of monopsony market?
Read the following statements carefully and choose the correct alternative:
Assertion (A): Buyers are ready to pay different prices for the product produced by different firms under perfect competition.
Reason (R): The products offered for sale in the perfect market are homogeneous.
Producers in a monopoly are price makers. Briefly explain.
Product differentiation is practised in monopolistic competition? Give reasons.
What induces new firms to enter an industry?
Identify the market form from the following:
A few large sellers
Why are selling costs incurred?
