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Question
Which among the following is a feature of monopsony market?
Options
Price discrimination
Single buyer
Single seller
Price taker
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Solution
Single buyer
Explanation:
A monopsony market is defined by a single buyer who controls the market. Due to a lack of competition from other buyers, this single buyer has tremendous power over the purchase prices and conditions.
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RELATED QUESTIONS
Define Discriminating Monopoly.
Differentiated products is a characteristic of ______.
Marginal revenue of a firm is constant throughout under:
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 |
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 |
In which form of market is the seller a price taker? Justify your answer.
Identify the market form for the item given below:
Product differentiation
To which market is price discrimination relevant?
Which feature best distinguishes monopolistic competition from perfect competition?
