A market system where there is only one buyer, is known as.
A) Monopoly
B) Monopolistic competition
C) Monopsony
D) Monopsonistic competition
Correct Answer:
Verified
Q11: Profits:
A)Are lower in the long run than
Q12: Profits arise because an entrepreneur:
A)Prepares plan
B)Innovates
C)Lends money
D)Both
Q13: Gross profit does NOT include:
A)Rent of land
Q14: Some economists say that profit earner is
Q15: Risks in the business arise because of:
A)Introduction
Q16: According to Professor Knight risks are of
Q17: This is not a function of the
Q18: According to Modern Theory of Rent, rent
Q19: An increase in the wage rate:
A)Will usually
Q21: Factor prices are determined in the market
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