Power of a Buyer to Dominate the Market Is Called

question 34

Multiple Choice

Power of a buyer to dominate the market is called _____.

• A) oligopsony
• B) monopsony
• C) monopoly
• D) oligopoly

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Definitions:

Values

The importance, worth, or usefulness of something, often determined by personal principles or market conditions.

Bid

An offer of a certain price for something, especially in contexts like auctions or financial markets, where it reflects the amount a buyer is willing to pay.

English Auction

A type of public auction where bids are openly made and raised until no higher bids are forthcoming, with the highest bidder winning the item.

Rational Self-Interest

The principle that individuals tend to make decisions that they believe are best for themselves, maximizing their own utility.