Which of the followning statements is correct? a.The term monopoly refers to eit

Question

Which of the followning statements is correct? a.The term monopoly refers to either a market with one buyeror to a market with one seller b.The term monopoly refers to a market with one buyer, whilethe termd monopsony refers to a market with one seller. c.The term monopsony refers to a market with one buyer, while the term monopoly refers to a market with one seller. d.The term monopsony refers to a market with either one buyeror one seller. Which of the followning statements is correct? a.The term monopoly refers to either a market with one buyeror to a market with one seller b.The term monopoly refers to a market with one buyer, whilethe termd monopsony refers to a market with one seller. c.The term monopsony refers to a market with one buyer, while the term monopoly refers to a market with one seller. d.The term monopsony refers to a market with either one buyeror one seller.

Explanation / Answer

b. A monopoly is a market with one buyer; a monopsony is a market with one seller.

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