A single buyer is called a(n):
A) monopolist.
B) monopsonist.
C) oligopolist.
D) labor union.

Question

Quizplus · Accepted Answer

A monopsonist is a single buyer in a market, which means they have the power to control the price of the goods or services they are purchasing. The other answer choices refer to different market structures. A monopolist is a single seller in a market, an oligopolist is a market structure with a small number of sellers, and a labor union is an organization that represents workers in negotiations with employers for better working conditions and wages.

A Single Buyer Is Called A(n)