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Question
______ refers to a market situation when there is a single buyer of a commodity or service.
Solution
Monopsony refers to a market situation when there is a single buyer of a commodity or service.
Explanation:
A monopsony is defined as market control over specified commodities or services. Monopsonies occur when individuals, corporate classifications, or other entities can position themselves as the sole purchasers of a specific item or service.
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