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Question
Macroeconomics
Posted 7 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
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Answer from Sia
Posted 7 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.
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