Question
What is the difference between monopoly and monopsony?
✓
Answer
Both a monopoly and a monopsony refer to a single entity influencing and distorting a free market. In a monopoly, a single seller controls or dominates the supply of goods and services. In a monopsony, a single buyer controls or dominates the demand for goods and services.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.
Explore more
Similar questions
Land is one of the most important factors of production. In this context, mention two ways in which the efficiency of land can be enhanced?
What is efficiency of labour. Give three causes of low efficiency of labour in India ?
Identify the market forms of the following:
(i) The government of India is the sole buyer of fighter aircrafts.
(ii) Goods sold are homogeneous.
iii) Motor car market in India.
(iv) Market for toilet soaps in India.
(i) The government of India is the sole buyer of fighter aircrafts.
(ii) Goods sold are homogeneous.
iii) Motor car market in India.
(iv) Market for toilet soaps in India.
Explain the following diagram.
Define the term public finance.
How are taxes used to regulate consumption and production?
Progressive taxation is suitable for Indian economy. Give reasons to support your answer.
State two differences between a tax and a fee.
For the following list of goods state whether the demand is elastic or inelastic. Give reasons:
(i) Bicycles
(ii) Matchboxes
(iii) Rice in West Bengal
(iv) Rolex watches
(i) Bicycles
(ii) Matchboxes
(iii) Rice in West Bengal
(iv) Rolex watches
Define the following terms:
(a) Overdraft
(b) Money at call
(a) Overdraft
(b) Money at call