When there is one buyer and many sellers then that situation is called - (1) Monopoly (2) Single buyer right (3) Down right (4) Double buyers right

When there is one buyer and many sellers then that situation is called - (1) Monopoly (2) Single buyer right (3) Down right (4) Double buyers right
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(2) Single buyer right Explanation: In economics, a monopsony (mono: single) is a market form in which only one buyer faces many sellers. It is an example of imperfect competition, similar to a monopoly, in which only one seller faces many buyers. As the only purchaser of a good or service, the monopsonist may dictate terms to its suppliers in the same manner that a monopolist controls the market for its buyers. It is also known as Single buyer Right. A single-payer universal health care system, in which the government is the only "buyer" of health care services, is an example of a monopsony. Another possible monopsony could develop in the exchange between the food industry and farmers.
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