Markets and Institutions -- Introduction

1. A market with few consumers and many suppliers is called a restricted monopsony. 2. A market with one consumer and one supplier is called a bilateral monopoly. 3. A market with many suppliers and many consumers is always a polypoly. 4. A market with few suppliers and one consumer is called a restricted monopoly. 1. There are more suppliers in an oligopoly than in a restricted monopsony. 2. There are more suppliers in a bilateral oligopoly than in a monopsony. 3. The only difference between a oligopsony and an oligopoly is the number of consumers. 4. The number of suppliers in a bilateral oligopoly is always smaller than in an oligopsony. 1. The market for airplane travel is an example of an oligopoly. 2. There is exactly one consumer in a bilateral monopoly, a restricted monopsony, and a monopsony. 3. The number of the market participants in a monopoly is always at least as large as in a bilateral monopoly. 4. The car industry is an example of a market with monopolistic competition. 1. False. A market with few consumers and many suppliers is called an oligopsony. See Chapter 3. 2. True. This is true by definition. See Chapter 3. 3. True. This is true by definition. See Chapter 3. 4. False. Restricted monopolies have one supplier and few consumers. See Chapter 3.