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Question
Observe the relationship of the first pair of words and complete the second pair.
Single seller in the market : Monopoly
Single buyer in the market : ______
Options
Duopoly
Monopolistic
Monopsony
None of these
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Solution
Single seller in the market : Monopoly
Single buyer in the market : Monopsony
Explanation:
A monopsony is characterised by a single buyer in the market, comparable to a monopoly involving a single seller. Due to a lack of competition from other purchasers, the monopsony buyer has great power over the purchase price and terms.
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RELATED QUESTIONS
Firm A hires the services of Rohit Sharma to act as the Brand ambassador for its products X. Identify the nature of market for commodity X.
Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
Match the following:
| Column I | Column II | ||
| A. | Demand curve under perfect competition | (i) | Indeterminate demand curve |
| B. | Demand curve under monopoly | (ii) | Downward sloping but less elastic |
| C. | Demand curve under monopolistic competition | (iii) | Horizontal straight line |
| D. | Demand curve under oligopoly | (iv) | Elastic demand curve |
Read the following statements carefully and choose the correct alternative:
Assertion (A): Price discrimination is possible under monopoly.
Reason (R): A monopolist can charge different prices in different markets because different sets of consumers - rich and poor - have different price elasticity of demand for the monopolist's product.
Give an example of oligopoly.
To which market is product differentiation relevant?
Identify the market form of the following:
Goods sold are homogeneous.
To which market is price discrimination relevant?
Identify the market form from the following.
Price discrimination
Identify the market form from the following:
A few large sellers
