Asksia AI LOGO

Sia

Question
Macroeconomics
Posted 3 months ago

Which of the following describes a monopsony market?

Choose 1 answer:
(A) many buyers and many sellers
(B) one seller, many buyers
(C) one buyer and many sellers
(D) a few buyers, a few sellers
(E) A few buyers, many sellers
Sign in to unlock the answer
Answer from Sia
Posted 3 months ago
Solution
a
Definition of Monopsony: A monopsony market structure is characterized by a single buyer and multiple sellers
Answer
(C) one buyer and many sellers
Key Concept
Monopsony Market Structure
Explanation
In a monopsony, there is only one buyer who has significant market power over the price due to the lack of competition among buyers.

Not the question you are looking for? Ask here!

Enter question by text

Enter question by image

Upgrade to Asksia Pro

Join a AskSia's Pro Plan, and get 24/7 AI tutoring for your reviews, assignments, quizzes and exam preps.

Unlimited chat query usages
Strong algorithms that better know you
Early access to new release features
Study Other Question