Question

What is monopsony?

Explain in detail.

Thanks!

Answer 1

Answer :

Monopspny

• A monopsony is either a market where only one buyer exists or where a single buyer dominates the market.
• We often refers to this type of market as a Buyer's Monopoly
• The term refers to just the numbers , not the number of suppliers .
• In this type of market there may be many suppliers.

                                                                                                                                                                   

Answer 2

Answer:

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Question:-

What is Monopsony ?

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Answer:-

• the market condition that exists when there is one buyer.
• Microsoft and Google have also been called monopsonies.
• example of a monopsony is a company coal town.