A Market in Which There Is a Single Buyer of a Good

question 97

Multiple Choice

A market in which there is a single buyer of a good, service, or factor of production is called a:

• A) monopoly.
• B) factor monopoly.
• C) monopsony.
• D) monopolistic factor market.

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Definitions:

Deontological Theory

An ethical framework that judges the morality of an action based on its adherence to a set of rules, rather than the consequences of the action.

Profit Maximization Theory

An economic principle suggesting that the goal of a business is to increase net income by managing revenue and costs.

Rights Theory

A framework in ethical philosophy that focuses on the rights belonging to individuals, emphasizing the importance of respecting these rights in societal and personal interactions.

Ethical Behavior

Conduct that is consistent with accepted principles of right and wrong governing the professional and personal actions of individuals.