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      Question

      The type of market, when there is only one buyer of the

      product present in the market, is called:
      A monopoly market Correct Answer Incorrect Answer
      B monosony market Correct Answer Incorrect Answer
      C duopoly market Correct Answer Incorrect Answer
      D monopsony market Correct Answer Incorrect Answer

      Solution

      The type of market, when there is only one buyer of the product present in the market, is called monopsony.Β 

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