RRB NTPC · Question 79
Which among the following is a market where there is a single buyer for a Product/Service?
Show answer & explanation
Answer: (C) Monopsony
Explanation
A monopsony is a market with only one buyer and many sellers, for example a single large employer in a town buying labour. A monopoly has one seller, a duopoly two sellers, and an oligopoly a few sellers.