Which of the following is NOT a type of market structure?
A. Perfect competition
B. Monopsony of labour only
C. Oligopoly
D. Monopoly
Answer: Option B
Solution (By JKSSB Mock Tests)
Monopsony refers to a market with a single buyer. While monopsony is a market structure, the option 'Monopsony of labour only' incorrectly restricts it. Standard market structures are perfect competition, monopoly, monopolistic competition and oligopoly.
Explanation:
The availability heuristic leads people to judge the likelihood of events by how readily examples can be recalled, which can produce systematic biases when memory is distorted by vividness or recency.
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