Advertisements
Advertisements
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
Advertisements
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.
APPEARS IN
RELATED QUESTIONS
Which of the following statements are true?
- Monopolistically competitive markets have high selling costs.
- Monopolistically competitive markets sell homogeneous goods.
- Any firm can start a business in a monopolistically competitive market.
Imperfect knowledge is a characteristic feature of:
Read the following statements carefully and choose the correct alternative:
Assertion (A): Under Perfect Competition, each firm faces a perfectly elastic demand curve.
Reason (R): Firm is a price maker under perfect competition.
Identify the market form for the following:
Telecom industry in India.
State the market form of the following commodity.
Shampoos
State the market form of the following commodity.
Fighter Aircrafts
Which type of market structure is the following? Give reason.
Lipstick
There are a large number of buyers and sellers under a ______ market.
Name the characteristic which makes monopolistic competition different from perfect competition.
Why an individual firm under perfect competition cannot influence the market price?
