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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. 

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