Economics • Economic BasicsEasy
Which economic term describes a market structure characterized by a single buyer and many sellers?
A. Monopoly
B. Oligopsony
C. Monopsony✓ Correct Answer
D. Duopoly
💡 Solution & Explanation
A monopsony defines a market structure where a single buyer exerts control over many independent sellers, contrasting with a monopoly where a single seller faces many buyers. Oligopsony refers to a market dominated by a small number of buyers.
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