What refers to the exchange mechanism that brings together the sellers and the buyers of a product, factor of production or financial security ?

A. Mall
B. Market
C. Store
D. Office

What refers to the goods and services that are desired by human and will be acquired only after all the needs have been satisfied ?

A. Producer products
B. Consumer products
C. Luxury
D. Necessity

What is considered as the basic consuming or demanding unit of a commodity ?

A. Seller
B. Manufacturer
C. Producer
D. Buyer or consumer

What is a market situation whereby there is only one buyer of an item for which there is no goods substitute ?

A. Monopsony
B. Monopoly
C. Oligopoly
D. Oligopsony

What is defined as an entity which makes product, good or services available to buyer or consumer in exchange of monetary consideration ?

A. Seller
B. Manufacturer
C. Producer
D. Buyer or consumer

What market situation exists where there are few sellers and few buyers ?

A. Oligopoly
B. Oligopsony
C. Bilateral oligopoly
D. Bilateral oligopsony

If there is only one seller and many buyers, the market situation is ______________________?

A. Duopsony
B. Oligopoly
C. Oligopsony
D. Monopoly

What market situation exists where there is only one buyer and only one seller ?

A. Monopsony
B. Monopoly
C. Bilateral monopsony
D. Bilateral monopoly

If there are many sellers and few buyers, the market situation is ______________________?

A. Duopsony
B. Oligopoly
C. Oligopsony
D. Monopoly

Perfect monopoly exists only if_______________?

A. The single vendor can prevent the entry of all other vendors in the market
B. The single vendor gets the absolute franchise of the product
C. The single vendor is the only one who has the permit to sell
D. The single vendor is the only one who has the knowledge of the product