Arithmetic definition part 3

What are the two classifications of goods and services?

• Local and imported

• Raw and finished

• Consumer and producer

• Ready-made and made-to-order

What is the opposite of perfect competition?

• Monopsony

• Oligopoly

• Oligopsony

• Monopoly

Under ordinary simple interest, how many days in one year?

• 300

• 360

• 365

• 366

What is the market situation exist when there are many buyers and many sellers?

• Perfect competition

• Oligopoly

• Oligopsony

• Monopoly

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

• Producer products

• Consumer products

• Luxury

• Necessity

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

• Monopsony

• Monopoly

• Bilateral monopsony

• Bilateral monopoly

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

• Oligopoly

• Oligopsony

• Bilateral oligopoly

• Bilateral Oligopsony

What refers to the amount of a product made available for sale?

• Supply

• Demand

• Product

• Good

Duopoly is a market situation where there is/are:

• Few sellers and few buyers

• Few sellers and many buyers

• Many sellers and few buyers

• One seller and few buyers

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

• Seller

• Manufacturer

• Producer

• Buyer or consumer