When there is only one buyer in the market
A. the supply curve for the good will be perfectly elastic.
B. then the market will be perfectly competitive.
C. a closed shop exists.
D. a monopsony exists.
Answer: D
You might also like to view...
Inflation leads to ________
A) increased variability of relative prices only when it is anticipated B) increased variability of relative prices only when it is unanticipated C) increased variability of relative prices whether inflation is anticipated or not D) lower variability of the general price level only when it is very high E) none of the above
In a perfectly competitive market, at the market price, buyers
a. cannot buy all they want, and sellers cannot sell all they want. b. cannot buy all they want, but sellers can sell all they want. c. can buy all they want, but sellers cannot sell all they want. d. can buy all they want, and sellers can sell all they want.