Engineering Board Exam Reviewer · Basic Economic Concepts · easy
A market situation with only one seller and many buyers is called:
- Monopoly
- Oligopoly
- Monopsony
- Perfect competition
Answer
A. Monopoly
Solution
This describes a monopoly.
More Basic Economic Concepts questions
- A market situation with only one buyer and many sellers is called:
- A market situation with only a few sellers dominating the market is called:
- Which of the following best describes "necessity" goods in economics?
- Which of the following best describes "luxury" goods?
- According to the law of demand, as the price of a good increases (all else equal), what happens to the quantity demanded?
- According to the law of supply, as the price of a good increases (all else equal), what happens to the quantity supplied?
- In a perfectly competitive market, how many buyers and sellers are typically present, and what is their influence on price?