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on Nov 05, 2024
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A market where there is only one buyer for a good or service is called a monopoly.
Monopoly
Monopoly is a market structure characterized by a single seller selling a unique product in the market, facing no competition.
One Buyer
A market condition known as a monopsony, where there is only one buyer for a particular product or service, giving that buyer significant control over prices.
- Identify the distinct characteristics and results associated with monopoly markets.
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Learning Objectives
- Identify the distinct characteristics and results associated with monopoly markets.