A Market with Only One Firm Supplying a Product or Service

question 29

Multiple Choice

A market with only one firm supplying a product or service is referred as a/an:

• A) Monopsony
• B) Cartel
• C) Oligarchy
• D) Monopoly

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Definitions:

Discontinuous Change

Abrupt, radical transformation in an organization or system that fundamentally alters its structure, processes, or operations.

Governed By Habit

Actions or behaviors that are regularly followed by an individual or organization due to their habitual nature, rather than conscious decision-making.

Re-create Institutions

The process of fundamentally redesigning and reforming established organizations or societal structures.

Legislative presentations

The process of proposing and discussing laws or policies before a legislative body.