Chapter 13, Problem 16P

To determine

Whether the following are examples of monopoly or monopsony.

Concept Introduction:

A monopoly exists when a single individual or organization is the sole supplier of a particular good or commodity in the market. Whereas, a monopsony refers to the control of the market through which specific goods or services are purchased. In other words, the monopoly is a price setter in the product market. While, monopsony is a price setter in the factor market.