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The situation of single buyer and single seller is called:

A. Monopoly

B. Multi-plant monopolist

C. Bilateral monopoly

D. Price discrimination

Correct Answer : C.


Bilateral Monopoly ? A market that has only one supplier and one buyer. The one supplier will tend to act as a monopoly power, and look to charge high prices to the one buyer. The lone buyer will look towards paying a price that is as low as possible. Since both parties have conflicting goals, the two sides must negotiate to determine the price of the product.}

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  1. At the shut-down point in perfect competition:
  2. Which of the following is not a U shaped curve:
  3. The imaginary differentiation is attributed to difference in:
  4. The proportional demand curve in monopolistic competition (also in kinked demand curve model), is like…
  5. Rational economic behavior on the part of the consumer means that he will:
  6. The elasticity of substitution measures the percentage change in the ratio of inputs when any producer…
  7. The isoquant approach is based upon:
  8. Price discrimination is possible:
  9. The Law of Proportionality is another name of:
  10. The longer the period of time, the elasticity of supply will be:
  11. Capital Saving Technological Progress can be defined as:
  12. In 1890, Principles of Economics was written by:
  13. The slope of budget line shows the price ratios of:
  14. If two goods are perfect substitutes then IC will be:
  15. Elasticity (E) expressed by the term, 1>E>0, is:
  16. In Bertrand model, the entry of new firms is:
  17. Supply of a commodity refers to:
  18. Marginal utility equals:
  19. A straight line, downward-sloping demand curve implies that, as price falls, the elasticity of demand:
  20. There is no difference between fixed and variable factors in the:
  21. AR curve under perfect competition:
  22. A monopolist is:
  23. The horizontal demand curve for a commodity shows that its demand is:
  24. In Nash equilibrium, a player:
  25. The main contribution of Malthus is in the field of:
  26. Cross-elasticity of demand or cross-price elasticity between two independent goods will be:
  27. Each short run average cost curve:
  28. If the commodity is normal then price effect is:
  29. In a competitive market, price is determined primarily by:
  30. The number of sellers in oligopoly are: