………………. is a market situation in which there is only one buyer

✅Explanation:
A monopsony is a market structure where there is only one buyer for a good or service. This single buyer has significant control over the market and can dictate the price and other terms to the many sellers.
 A monopsony occurs when a firm has market power in employing factors of production.
 It is characterized by one buyer and many sellers.
 In a monopsony, the market is dominated by a single buyer.
 In contrast, a monopoly features a single seller dominating the market.

• Here's a breakdown:
-Mono- (one) + Psony (buyer) = Single Buyer

📌 Other Options Explained:
-a) Duopoly: This refers to a market with only two sellers.
-b) Monopoly: This refers to a market with only one seller. (Opposite of monopsony)
-d) Duopsony: This term is not commonly used, but it could theoretically represent a market with only two buyers. However, monopsony is the more established term for a single buyer scenario.

🔴 Related Terminology:
-Perfect Competition: A market structure with many buyers and sellers, freely entering and exiting the market, with homogeneous products (identical) and perfect information. (Opposite of monopsony)
-Market Power: The ability of a firm (seller or buyer) to influence the price of a good or service in the market. In a monopsony, the buyer has significant market power.
-Bilateral Monopoly: A market with only one seller and one buyer. This is a special case where both a monopoly and a monopsony exist simultaneously.

•  Monopolistic:
-Describes a theoretical market condition where only one company may offer products and services to the public.

•  Oligopoly:
-A market characterized by a small number of firms that are interdependent in their pricing and output policies