When only one buyer has access to a particular labor market,

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A monopsony exists when there is only one buyer in a labor market, giving them significant bargaining power and the ability to dictate wages and working conditions. This is different from a monopoly, which exists when there is only one seller in a market. Seller concentration refers to the degree to which a market is dominated by a small number of sellers, and is not applicable in this scenario.

When Only One Buyer Has Access to a Particular Labor