Railways PYQCBT 1 2016

RRB NTPC · Question 79

Which among the following is a market where there is a single buyer for a Product/Service?

  1. Monopoly

  2. Duopoly

  3. Monopsony

  4. Oligopoly

Show answer & explanation

Answer: (C) Monopsony

Explanation

A monopsony is a market with only one buyer and many sellers, for example a single large employer in a town buying labour. A monopoly has one seller, a duopoly two sellers, and an oligopoly a few sellers.