Microeconomics Study Set 10
Quiz 16: The Factors of Production
A Market Which Consists of Many Sellers and Only One
A market which consists of many sellers and only one buyer is called a: A) monopsony. B) monopoly. C) oligopoly. D) monopolistic competitor.
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In the market for labor,the monopsonist is the sole: A) seller and can push wages down, below the competitive wage. B) buyer and can keep wages up, above the competitive wage. C) buyer and can push wages down, below the competitive wage. D) seller and can keep wages up, above the competitive wage.
A "company town" is one in which: A) all employees of a company live within its confines. B) a single company employs the great majority of people in a town and owns most structures in the town. C) the company directs most town business by assisting local government. D) a single company directly regulates and monitors all town activity.
A monopsony is an example of: A) a buyer holding market power. B) a seller holding market power. C) an efficient market with no market power. D) a single seller holding all market power.
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