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
Differentiated products is a characteristic of ______.
Indian Railways is an example of ______.
Pick the option which does not belong to the group.
Read the given statements carefully and select the correct option.
- The number of sellers under oligopoly are small.
- In monopolistically competitive markets, buyers and sellers have perfect knowledge about the market conditions.
Which one of the following is NOT found in a perfectly competition market?
Match the following:
| Column I | Column II | ||
| A. | Monopoly | (i) | Availability of close substitutes |
| B. | Oligopoly | (ii) | Absence of close substitutes |
| C. | Perfect competition | (iii) | Few large sellers |
| D. | Monopolistic competition | (iv) | Homogeneous products |
Define perfect competition.
Which type of market structure is the following? Give reason.
Trucks
Which type of market structure is the following? Give reason.
Lipstick
In which market form is there a single seller and no close substitutes for the product?
