Post Utme Igbinedion University 2022 Economics Question 1

Practice objective / multiple choice question 1 from the 2022 Post Utme Igbinedion University Economics examination.

Post Utme Igbinedion University 2022 Economics Objective / Multiple Choice
Question 1 POST_UTME_IGBINEDION_UNIVERSITY • 2022 • ECONOMICS • objective

The scarcity of land in Nigeria has led to an increase in the price of agricultural products. This is an example of a market structure where a \single buyer or seller has significant influence over the market price. What type of market structure is this?

Answer Options

A. Perfect Competition
B. Monopoly
C. Oligopoly
Correct Answer D. Monopsony
Correct Answer
D
Correct Option:
Monopsony

About This Question

This is Post Utme Igbinedion University 2022 Economics Question 1. It is one of the objective questions from the 2022 Post Utme Igbinedion University Economics examination.

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