When there is one buyer and many sellers then that situation is called



[ A ]    Monopoly
[ B ]    Down right
[ C ]    Double buyers right
[ D ]    Single buyer right right
Answer : Option D
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 singlepayer 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.
General Economy Questions and Answers for competitive exams

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