A market with a single buyer is called a(n)________ market.

Question

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A market with a single buyer is called a monopsony. In a monopsony, the buyer has significant market power and can exert control over the price and quantity of goods or services purchased. This is the opposite of a monopolistic market, which has a single seller. Monopsonies can lead to inefficiencies and reduced output if the buyer is able to negotiate prices below what would be considered competitive in a more competitive market.

A Market with a Single Buyer Is Called A(n)________ Market