The term which is used to describe a market structure that is characterized by one buyer of some particular product or service is:
A) monopsony
B) oligopsony
C) monopsonistic competition
D) bilateral monopoly
E) unilateral monopsony

Question

Quizplus · Accepted Answer

A monopsony is a market structure in which there is only one buyer for a particular product or service. This gives the buyer significant market power and the ability to dictate terms to the sellers. In a monopsony, the demand for the product or service is controlled by a single entity, which can have negative effects on the market, such as lower prices for the sellers and reduced quality of goods or services.

The Term Which Is Used to Describe a Market Structure