Asked by EZEKIEL LABRADOR on Jul 28, 2024
Verified
In an oligopsony market:
A) there are many buyers and sellers.
B) there are many buyers and a single seller.
C) there is a single buyer and many sellers.
D) there are a few buyers and many sellers.
E) there are a few buyers and a few sellers.
Oligopsony Market
A market form in which the number of buyers is small while the number of sellers in theory could be large, giving the buyers significant control over prices and terms.
Buyers
Individuals or entities that purchase goods or services for personal use or for resale.
Sellers
Individuals or entities that offer goods or services for sale in a market.
- Identify the differences in market control between a monopoly and a monopsony.
Verified Answer
JM
Jessa Mae RomeroAug 02, 2024
Final Answer :
D
Explanation :
An oligopsony market is a market with a few buyers and many sellers. This means that the buyers have significant market power to influence the price of goods and services.
Learning Objectives
- Identify the differences in market control between a monopoly and a monopsony.