Question
Download Solution PDFAn economic condition when there is one buyer and many sellers is called ______.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDF- A monopsony is a market condition where there is a single buyer with many sellers
- It is in fact a condition which is opposite to that of a monopoly
- In a monopsony the single buyer has large control on the market as the major purchaser of goods and services provided by many sellers
- An example would be a food retailer that buys supplies from many farmers growing the same crop
| Type | Description |
| Oligopoly | A market dominated by only a small number of firms |
| Monopoly | A market structure where a single firm controls the entire market |
| Perfect Competition | Market where a large number of small firms compete against each other. In this scenario, a single firm does not have any significant market power |
Last updated on Jun 13, 2025
-> The SSC CGL Notification 2025 has been released on 9th June 2025 on the official website at ssc.gov.in.
-> The SSC CGL exam registration process is now open and will continue till 4th July 2025, so candidates must fill out the SSC CGL Application Form 2025 before the deadline.
-> This year, the Staff Selection Commission (SSC) has announced approximately 14,582 vacancies for various Group B and C posts across government departments.
-> The SSC CGL Tier 1 exam is scheduled to take place from 13th to 30th August 2025.
-> Aspirants should visit ssc.gov.in 2025 regularly for updates and ensure timely submission of the CGL exam form.
-> Candidates can refer to the CGL syllabus for a better understanding of the exam structure and pattern.
-> The CGL Eligibility is a bachelor’s degree in any discipline.
-> Candidates selected through the SSC CGL exam will receive an attractive salary. Learn more about the SSC CGL Salary Structure.
-> Attempt SSC CGL Free English Mock Test and SSC CGL Current Affairs Mock Test.
-> Candidates should also use the SSC CGL previous year papers for a good revision.