[amp_mcq option1=”a-1, b-2, c-3, d-4, e-5″ option2=”a-1, b-3, c-5, d-2, e-4″ option3=”a-2, b-4, c-3, d-5, e-1″ option4=”a-2, b-4, c-1, d-3, e-5″ correct=”option1″]<\/p>\n
The correct answer is: A. a-1, b-2, c-3, d-4, e-5<\/p>\n
Monopoly: A market structure in which there is only one seller of a good or service. The monopolist has a great deal of market power and can therefore charge a high price and earn a high profit.<\/p>\n
Oligopoly: A market structure in which there are a few large sellers of a good or service. The oligopolists have some market power, but they are not as powerful as a monopolist. They must therefore compete with each other to some extent.<\/p>\n
Monopsony: A market structure in which there is only one buyer of a good or service. The monopsonist has a great deal of market power and can therefore pay a low price and earn a high profit.<\/p>\n
Duopoly: A market structure in which there are two sellers of a good or service. The duopolists have some market power, but they are not as powerful as a monopolist or a monopsonist. They must therefore compete with each other to some extent.<\/p>\n
Bilateral monopoly: A market structure in which there is one buyer and one seller of a good or service. The buyer and seller have equal market power and must therefore negotiate a price that is acceptable to both of them.<\/p>\n","protected":false},"excerpt":{"rendered":"
[amp_mcq option1=”a-1, b-2, c-3, d-4, e-5″ option2=”a-1, b-3, c-5, d-2, e-4″ option3=”a-2, b-4, c-3, d-5, e-1″ option4=”a-2, b-4, c-1, d-3, e-5″ correct=”option1″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-48694","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"\n