6 Questions
Which market is dominated by a few large buyers?
Oligopsony
Which market is dominated by a few sellers?
Oligopoly
What effect can be seen in an oligopoly?
Prices kept high
Which of the following best describes an oligopsony?
A market dominated by a few large buyers
What is the main power that buyers have in an oligopsony?
The ability to keep prices low
How does an oligopoly differ from an oligopsony?
An oligopoly is dominated by a few large sellers
Test your knowledge of market structures with this quiz! Learn about the characteristics and effects of oligopsony and oligopoly, and understand how the concentration of power in either buyers or sellers can impact prices.
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