The term which is used to describe a market structure where there are few buyers, or a few dominant buyers of some particular product or service is:
A) monopsony
B) oligopsony
C) monopsonistic competition
D) bilateral monopoly
E) unilateral monopsony

Question

Quizplus · Accepted Answer

An oligopsony is a market structure where there are few buyers, or a few dominant buyers of some particular product or service. Monopsony refers to a market structure where there is only one buyer, while monopsonistic competition refers to a situation where there are many buyers but only a few dominant ones. Bilateral monopoly refers to a market structure where there is only one seller and one buyer, while unilateral monopsony is not a commonly used term in economics.

The Term Which Is Used to Describe a Market Structure