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An economic condition when there is one ...

An economic condition when there is one buyer and many sellers is called ______

A

Oligopoly

B

Monopoly

C

Perfect Competition

D

Monopsony

Text Solution

Verified by Experts

The correct Answer is:
D
A monopsony is the condition of the market when there is a single buyer and multiple sellers. The difference between a monopoly and monopsony is primarily in the difference between the controlling entities. A single buyer dominates a monopsonized market while an individual seller controls a monopolized market.
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PINNACLE-ECONOMICS-MCQ (COSTS, PRODUCTION,CONSUMPTIONS AND MARKET)
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  5. Which economist gave the theory of Opportunity cost?

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  9. A market structure which is dominated by only a small number of firms ...

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  10. In Economics, buying an asset in one market and simultaneously selling...

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  12. Which of the following is not included in the factors of production ?

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  13. Pricing Policy of Minimum support price follows which approach?

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  18. Which of the following is NOT a central economic problem, solved by th...

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  19. What is Gini coefficient used for?

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