A market in which there is a single buyer of a good, service, or factor of production is called a:

Question

Quizplus · Accepted Answer

A monopsony is a market structure in which there is only one buyer of a good, service, or factor of production. This is the opposite of a monopoly, which is a market structure in which there is only one seller. The other choices, factor monopoly and monopolistic factor market, are not recognized market structures.

A Market in Which There Is a Single Buyer of a Good