Economics - Study Mode

[#316] Which of the following should be balanced the foreign trade of a country?
Correct Answer

(B) Balance of payment

[#317] Which one is not the characteristics of oligopoly firm?
Correct Answer

(C) One firm

[#318] A market
Correct Answer

(A) necessarily refers to a meeting place between buyers and sellers where goods are bought and sold

[#319] Bilateral monopoly refers to the market situation of
Correct Answer

(D) None of the above

Explanation

Solution: Bilateral monopoly refers to a market situation where there is one seller and one buyer .
It occurs when a single supplier (a monopolist) faces a single buyer (a monopsonist).
In such a case, both the seller and buyer have significant market power, leading to negotiations or bargaining to determine the price and quantity exchanged.

[#320] The extent of the change of demand for a commodity to a given change in . . . . . . . ., other demand determinants remaining constant, is termed as the . . . . . . . . of demand.
Correct Answer

(A) price, price elasticity