A market which consists of many sellers and only one buyer is called a:
A. monopsony.
B. monopoly.
C. oligopoly.
D. monopolistic competitor.
A. monopsony.
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________ occurs when a firm cuts prices below production costs in a deliberate attempt to drive competitors out of business
A) Deliberate dumping B) Ravaging dumping C) Voracious dumping D) Predatory dumping
An import quota is:
A. a tax on the good or services that are imported. B. a limit on the amount of a particular good that can be exported. C. a limit on the amount of a particular good that can be imported. D. None of these is true.
Economists use the word equality to describe a situation in which
a. each member of society has the same income. b. each member of society has access to abundant quantities of goods and services, regardless of his or her income. c. society is getting the maximum benefits from its scarce resources. d. society's resources are used efficiently.
Higher prices will increase total revenue if
A. Demand is inelastic. B. The price elasticity of demand is zero. C. Demand is unitary elastic. D. Demand is elastic.