Market Type: Single Seller and Single Buyer
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Question (English)
Market with a single seller AND a single buyer is known as:
- Monopoly
- Monopsony
- Bilateral Monopoly ✓ Correct
- Oligopoly
Explanation:
Correct Answer: Bilateral Monopoly
A market with one single seller AND one single buyer is called a Bilateral Monopoly. 'Bilateral' means two-sided — both sides of the market have only one participant each.
Market Types Summary
- Monopoly: Single seller (producer).
- Monopsony: Single buyer.
- Bilateral Monopoly: Single seller + Single buyer.
- Duopoly: Two sellers.
- Duopsony: Two buyers.
- Oligopoly: More than two sellers.
- Oligopsony: More than two buyers.
Memory Tip
Bi = two sides. Bilateral Monopoly = ONE on BOTH sides (seller + buyer = 1 each). Like two monopolists facing each other!
📚 About this Topic — Animal Refresher
This multiple choice question is from Animal Refresher, Veterinary Extension Education. It has 4 options with a detailed explanation of the correct answer. Practice more MCQs from Animal Refresher to strengthen your preparation.
