passwella.
Menu

JAMB Economics 1987 Question 27

Question 27

Market Structures

What form of market is found in an imperfect competition where there are few buyers and many sellers?

  1. A.Oligopoly
  2. B.Monopoly
  3. C.Duopoly
  4. D.Oligopsony.
Show the answer and explanation

Answer: D (Oligopsony.)

Explanation

Oligopsony is a market with only a few buyers; oligopoly is one with a few sellers.