What form of market is found in an imperfect co... - JAMB Economics 2020 Question
What form of market is found in an imperfect competition where there are few buyers and many sellers
A
monopoly
B
oligopoly
C
duopoly
D
oligopsony
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Correct Option: D
An oligopsony is a situation when there are only a small number of buyers in a market. As a result of the small number of buyers, limited number of people have market power and are able to lower the price they pay for a good or service due to the lack of competition.
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