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Market Power and Monopoly

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Question

There is one buyer and many sellers. Which market structure is it?

A

Monopoly

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B

Oligopoly

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C

Perfect Competition

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D

Monopolistic Competition

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Solution

The correct option is A Monopoly
A primary characteristic of the monopoly market structure is that owing to the high barriers to entry, only a single firm controls the supply of the entire industry.

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Similar questions

Q. Name the market in which there is a single buyer and many sellers. Give an example.

Explain 'large number of buyers and sellers' as a feature of perfectly competitive markets.

Q. A monopolistic competition is defined as that market structure in which each seller produces a _______.

In which of the market situations, there are a large number of buyers and sellers selling identical products in the market?

Q. Fill in the blanks with appropriate alternatives given in the brackets:

1. Under perfect competition commodities are ________________ in nature. (homogeneous/ classified/ heterogeneous/ supplementary)

2. _____________ appears in a monopoly market. (product differentiation/ price discrimination/ individual differentiation/ packing differentiation)

3. The price at which demand and supply equate to each other is called _______ price. (general/ equilibrium/ short-run/ reserve)

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5. Monopolist means __________ competitive. (single seller/ several seller/ single buyer/ several buyer)

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