A market where there is only a single buyer is called a(n)
A) monopoly.
B) monopsony.
C) oligopoly.
D) dominant firm.

Question

Quizplus · Accepted Answer

A market where there is only a single buyer is called a monopsony. Monopsony is the opposite of a monopoly, where there is only a single seller in the market. Oligopoly refers to a market structure where a small number of firms dominate the market, while dominant firm refers to a situation where there is a leading firm in the market with a significant market share.

A Market Where There Is Only a Single Buyer Is