A market where there is only a single buyer is called a(n):


A. Monopoly

B. Monopsony

C. Oligopoly

D. Dominant firm



B. Monopsony

Economics

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Suppose that Firms A and B each produce high-resolution computer monitors, but Firm A can do so at a lower cost. Cassie and David each want to purchase a high-resolution computer monitor, but David is willing to pay more than Cassie. If Firm A produces a monitor that Cassie buys but David does not, then the market outcome illustrates which of the following principles? (i) Free markets allocate

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How are normal goods and inferior goods similar? How are they different?

What will be an ideal response?

Economics