The situation where the market consists of only two buyers, then it is called :
A duopsony is a market structure characterized by a large number of sellers and only two buyers who dominate the demand side of the market. In contrast, a duopoly has two…
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The situation where the market consists of only two buyers, then it is called :
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Correct answer B
A duopsony is a market structure characterized by a large number of sellers and only two buyers who dominate the demand side of the market. In contrast, a duopoly has two sellers and many buyers, while a monopsony has a single buyer.
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