{"id":8582,"date":"2024-04-15T03:02:52","date_gmt":"2024-04-15T03:02:52","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=8582"},"modified":"2024-04-15T03:02:52","modified_gmt":"2024-04-15T03:02:52","slug":"if-there-is-only-one-seller-and-many-buyers-the-market-situation-is-________-a-duopsony-b-oligopoly-c-oligopsony-d-monopoly","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/if-there-is-only-one-seller-and-many-buyers-the-market-situation-is-________-a-duopsony-b-oligopoly-c-oligopsony-d-monopoly\/","title":{"rendered":"If there is only one seller and many buyers, the market situation is ________ . A. Duopsony B. Oligopoly C. Oligopsony D. Monopoly"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9f614600998\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    Duopsony                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Oligopoly                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Oligopsony                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    Monopoly                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>Monopoly<\/strong>.<\/p>\n<p>A monopoly is 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 high prices and earn high profits.<\/p>\n<p>A duopsony is a market structure <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> in which there are only two buyers of a good or service. The duopolists have a great deal of market power and can therefore drive down prices and earn low profits.<\/p>\n<p>An oligopoly is 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.<\/p>\n<p>An oligopsony is a market structure in which there are a few large buyers of a good or service. The oligopsonists have some market power, but they are not as powerful as a duopolist.<\/p>\n<p>In a monopoly, the seller has a great deal of market power because there are no other sellers of the good or service. This means that the monopolist can charge high prices and earn high profits. The buyers in a monopoly have very little power, because they have no other options but to buy from the monopolist.<\/p>\n<p>In a duopsony, the <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> buyers have a great deal of market power because there are only two buyers of the good or service. This means that the duopolists can drive down prices and earn low profits. The sellers in a duopsony have very little power, because they have no other options but to sell to the duopolists.<\/p>\n<p>In an oligopoly, the sellers have some market power because there are only a few sellers of the good or service. This means that the oligopolists can charge higher prices than they would if there were many sellers. However, the oligopolists cannot charge as high prices as a monopolist, because the buyers have some power to choose between the oligopolists.<\/p>\n<p>In an oligopsony, the buyers have some market power because there are only a few buyers of the good or service. This means that the oligopsonists can drive down prices than they would if there were many buyers. However, the oligopsonists cannot drive down prices as much as a duopolist, because the sellers have some power to choose between the oligopsonists.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe Join Our Telegram Channel on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[656],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>If there is only one seller and many buyers, the market situation is ________ . A. Duopsony B. Oligopoly C. Oligopsony D. 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