An economic market structure characterized by a single buyer and multiple sellers is known as what?

Correct answer: Monopsony

Explanation: ✅ Correct Answer: D) Monopsony 📚 Explanation: A Monopsony is a specific market structure where there is only one dominant buyer interacting with numerous competing sellers. Because the single buyer holds absolute purchasing power, they can easily dictate harsh terms and aggressively drive down prices. This is the exact inverse of a monopoly, where a single seller heavily dictates terms to multiple buyers.