Question
Download Solution PDFAn economic condition when there is one buyer and many sellers is called ______.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDF- A monopsony is a market condition where there is a single buyer with many sellers
- It is in fact a condition which is opposite to that of a monopoly
- In a monopsony the single buyer has large control on the market as the major purchaser of goods and services provided by many sellers
- An example would be a food retailer that buys supplies from many farmers growing the same crop
| Type | Description |
| Oligopoly | A market dominated by only a small number of firms |
| Monopoly | A market structure where a single firm controls the entire market |
| Perfect Competition | Market where a large number of small firms compete against each other. In this scenario, a single firm does not have any significant market power |
Last updated on Jul 10, 2025
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