ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
If there is only one seller of a certain good and everyone has to buy from this seller, this is called
|
|
Oligopoly
|
|
|
Monopoly
|
|
|
Either A or B
|
|
|
None of the above
|
Explanation:
Detailed explanation-1: -A pure monopoly is a single seller in a market or sector with high barriers to entry such as significant startup costs whose product has no substitutes.
Detailed explanation-2: -A monopsony is a market condition in which there is only one buyer, the monopsonist. Like a monopoly, a monopsony also has imperfect market conditions.
Detailed explanation-3: -In a monopoly, there is only one seller in the market. The market could be a geographical area, such as a city or a regional area, and does not necessarily have to be an entire country. The single seller is able to control prices. Most monopolies fall into one of two categories: natural and legal.
There is 1 question to complete.