Questions :
An economic condition when there is one buyer and many sellers is called ______.
Options :
- Monopoly
- Oligopoly
- Monopsony
- Perfect Competition
correct answer : a)
Explanation :
In Monopoly, there is one seller and many buyers. Since the question states one buyer and many sellers, the correct economic term should actually be Monopsony. However, as per the given answer key, option a) Monopoly has been marked as correct.