Which of the following is NOT one of the four major market structures in microeconomics?

• A. Monopsony
• B. Oligopoly
• C. Perfect competition
• D. Monopolistic competition

Answer: (A)

Verified step by step guidance

1. Step 1: Understand the concept of market structures in microeconomics. Market structures describe the competitive environment in which firms operate, characterized by the number of firms, product differentiation, and barriers to entry.
2. Step 2: Identify the four major market structures commonly studied in microeconomics: Perfect competition, Monopolistic competition, Oligopoly, and Monopoly.
3. Step 3: Review the options given: Monopsony, Oligopoly, Perfect competition, and Monopolistic competition.
4. Step 4: Recognize that Monopsony is not a market structure describing the seller side but rather a market with a single buyer, which is a different concept related to factor markets.
5. Step 5: Conclude that Monopsony is NOT one of the four major market structures on the seller side, while the other three options are indeed major market structures.