A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to as

1. Analyze the question The question describes a producer who can influence the price of his product but cannot determine the quantity sold. We need to match this to the correct market structure.

2. Explain the concept

• Monopolist: The sole seller of a product with no close substitutes. A monopolist has price-making power. Because the market demand curve slopes downward, he can fix the price or the quantity, but not both. If he sets the price, the quantity sold depends on how much consumers are willing to buy at that price. So he influences price but cannot determine the quantity sold.
• Duopoly: A market with only two sellers.
• Oligopoly: A market with a few sellers who depend on each other's decisions.
• Monopsonist: A single buyer, not a producer or seller.

3. Solution

• Option A (duopoly) is a market with two sellers. It is not the description given.
• Option C (monopsonist) is a buyer, but the question refers to a producer. Eliminated.
• Option D (oligopoly) is a market with a few firms. The question describes a single producer, not a group.
• Option B (monopolist) is a single seller with price-setting power, whose quantity sold is limited by consumer demand at that price. This fits.

4. Answer The correct option is B. monopolist.

5. Tip Remember: "Mono" means one. Monopolist = one seller (price maker), while monopsonist = one buyer. In exams, always check whether the question talks about a seller/producer or a buyer before choosing between the two. Also remember that a monopolist can fix price or output, never both, because demand decides the other.