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

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 2 years ago

In the market for college degrees, there are many buyers but only 1 seller. Qd =...

In the market for college degrees, there are many buyers but only 1 seller. Qd = 1000 – 2P. This implies that Price or Private MB = 500 - .5Q. Education has positive externalities. Assume each degree has a $50 value to society. Such that the Social MB = 550 - .5Q. MC = 100. What is the efficient amount for Q and the corresponding P and Total Surplus? Remembering Revenue = PQ, what is the equation for marginal revenue...

2 girls have 25 outfits each. Each girl has one and only one outfit that matches...

2 girls have 25 outfits each. Each girl has one and only one outfit that matches the other girls. What is the probability that the girls wear matching outfits twice in 21 days?

In the market in which you just participated, a seller only incurred a cost if she...

In the market in which you just participated, a seller only incurred a cost if she actually sold an orange. Assume instead: Each seller brings oranges to market Each has already paid for the oranges she brings She can always bring unsold oranges to tomorrow’s market, where demand is expected to be stronger. If you are a seller, how does this change affect your behaviour? In a market described by these new assumptions, what do you predict will happen to...

"Being the only seller in the market, the monopolist can choose any price and quality it...

"Being the only seller in the market, the monopolist can choose any price and quality it desired" Explain and evaluate this statement

CH12 3. The monopoly aspect of monopolistic competition is that there is only one seller. True...

CH12 3. The monopoly aspect of monopolistic competition is that there is only one seller. True False 6. Which type of firm engages in nonprice competition? Monopolistically competitive firms. Perfectly competitive firms. Price takers. Extremely efficient firms. 8. Monopolistic competition results in allocative Inefficiency and productive efficiency. Inefficiency and productive inefficiency. Efficiency and productive efficiency. Efficiency and productive inefficiency. 9. One symptom of the inefficiencies associated with monopolistic competition is industrywide excess capacity. True False 16. A World View article...

Complete the following table by selecting the term that matches each definition.

5. Supply: Basic concepts Complete the following table by selecting the term that matches each definition. DefinitionQuantity SuppliedSupply curveSupply Schedule Law of SupplyThe claim that, other things being equal, the quantity supplied of a good increase when the price of that good rises The amount of a good that sellers are willing and able to supply at a given priceA table showing the relationship between the price of a good and the amount of it that sellers are willing and able to supply at various prices A graphical...

Read the description and choose the term that matches from the options in the list. A...

Read the description and choose the term that matches from the options in the list. A proteinaceous biological catalyst is an: A compound that is only extractable from biological material with a non polar solvent: A chemical species that is electron rich and may donate a pair of electrons to form a new covalent bond: The reaction of a compound with water: A polyamide containing less than 50 amino acids is known as a: A compound where an intramolecular reaction...

When there is only one buyer in the market a. then the market will be perfectly...

When there is only one buyer in the market a. then the market will be perfectly competitive b. a monopsony exists c. a closed shop exists. d. the supply curve for the good will be perfectly elastic. Any practice that forces employers to use more labor than they would otherwise use is a. monopolistic exploitation b. a craft union c. closed shop d. featherbedding. IN MICROECONOMICS

Which of the following transfer pricing methods is least likely to favor the seller? Select one:...

Which of the following transfer pricing methods is least likely to favor the seller? Select one: A. Absorption cost plus 5 percent B. Market prices C. Allowing the buyer and seller to negotiate the price D. Variable costs plus 5 percent

Which species concept does the existence of “pizzly bears” violate? Select one: a. Evolutionary species concept...

Which species concept does the existence of “pizzly bears” violate? Select one: a. Evolutionary species concept b. Ecological species concept c. Phylogenetic species concept d. Biological species concept

Question