Social Sciences, asked by khusheesingh31, 1 month ago

Market situation when there is only one buyer​

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Answered by priya2013
1

Answer:

Monopsony, in economic theory, market situation in which there is only one buyer. An example of pure monopsony is a firm that is the only buyer of labour in an isolated town. Such a firm is able to pay lower wages than it would under competition.

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