Introduction to Economics 1 Deneme Sınavı Sorusu #756447

There are millions of console gamers in the world. However, only a few companies which are PlayStation, Xbox 360, and Wii compete in this market.

Which market type is exemplified in the explanation above?


Perfect competition

Monopolistic competition

Monopsony

Monopoly

Oligopoly


Yanıt Açıklaması:

Farmers markets, street food vendors, and the market for unskilled labor compete in perfect competition. On the other hand, the markets for cosmetics, restaurants, and beverages are examples of monopolistic competition. A monopsony has only one buyer for a particular good or service, giving that buyer significant power in determining the price of the products produced. The State Airports Authority, the Turkish State Railways and the local water supplier are examples of monopolies. Oligopoly is a market structure in which a few large firms compete. Computers, aircraft manufacturing, the automobile industry and agro-businesses are examples of oligopolistic markets. The correct answer is E.

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