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MMLU-Pro / 6941 / What is the difference between monopoly and monopsony?

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

What is the difference between monopoly and monopsony?

category

economics

options

  1. Monopoly and monopsony are the same
  2. Monopoly is a market structure with unrestricted competition, monopsony is a market where one entity controls all purchases
  3. Monopoly refers to a single buyer dominating a market, monopsony refers to a single seller with no competition
  4. Monopoly involves only one buyer setting prices, monopsony involves only one seller setting prices
  5. Monopoly is a market with one seller and many buyers, monopsony is a market with many sellers and one buyer
  6. Monopoly refers to multiple sellers, monopsony refers to multiple buyers
  7. Monopoly is when there is only one buyer, monopsony is when there is only one seller
  8. Monopoly means a market with many competitors, monopsony means a market dominated by a single company
  9. Monopoly is a market condition with a single supplier of goods, monopsony is a market with a single distributor
  10. Monopoly is the market situation with only one seller, monopsony is the market situation with only one buyer

src

stemez-Economics

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Source and history

upstream_id / Original problem ID
6941
task_id
1f71e844-f834-57de-9ceb-d5f8ae179b72
task_key
default--test--6941
task_revision_id
1
config / split
default / test

Official source

initial import