Select the term that matches the concept: Market with only one seller. Select one: a. Market...

Select the term that matches the concept:

Market with only one seller.

Select one:

a. Market with only one seller.

b. Cartel

c. Price Taker

d. Market with only one buyer.

It seems like a dumb question but I wanted a second opinion in case it was a trick

Solutions

Expert Solution

Answer : The answer is option a.

In monopoly market there exist one seller with many buyers. Monopoly seller has market power. Hence monopoly seller is a price maker. As in monopoly market only one seller exist hence there is no need of cartel agreement. So, only option a matches with the given concept. Therefore, option a is correct.

Rahul Sunny answered 1 year ago

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