Question: What is the difference between monopoly and monopsony? a.The term monopsony refers to either a market with one buyer or to a market with one

What is the difference between monopoly and monopsony?

a.The term "monopsony" refers to either a market with one buyer or to a market with one seller, while the term "monopoly" refers to a market with more than one buyer and seller.

b.The term "monopoly" refers to either a market with one buyer or to a market with one seller, while the term "monopsony" refers to a market with more than one buyer and seller.

c.The term "monopsony" refers to a market with one buyer, while the term "monopoly" refers to a market with one seller.

d.The term "monopoly" refers to a market with one buyer, while the term "monopsony" refers to a market with one seller.

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