When the number of buyers for a product or service is limited to a very small number of purchasers, this is known as a(n):

Name: When the number of buyers for a product or service is limited to a very small number of purchasers, this is known as a(n):
Brand: Quizplus
Rating: 4.8 (50 reviews)

Question

Quizplus · Accepted Answer

Oligopsony is the correct term for a market condition where the number of buyers for a product or service is limited to a very small number of purchasers. This contrasts with oligopoly, where a small number of sellers dominate the market.

When the Number of Buyers for a Product or Service