Observe the relationship of the first pair of words and complete the second pair. Single seller in the market : Monopoly Single buyer in the market : ______

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Single seller in the market : Monopoly Single buyer in the market : Monopsony Explanation: A monopsony is characterised by a single buyer in the market, comparable to a monopoly involving a single seller. Due to a lack of competition from other purchasers, the monopsony buyer has great power over the purchase price and terms.

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