______ refers to a market situation when there is a single buyer of a commodity or service. - Organisation of Commerce and Management

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______ refers to a market situation when there is a single buyer of a commodity or service.

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Solution

Monopsony refers to a market situation when there is a single buyer of a commodity or service.

Explanation:

A monopsony is defined as market control over specified commodities or services. Monopsonies occur when individuals, corporate classifications, or other entities can position themselves as the sole purchasers of a specific item or service.

Concept: Types of Market
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Chapter 8: Marketing - Exercise [Page 166]
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