Have you ever thought of a business where you are the only one who produces the goods or services you are dealing with. This kind of a market is referred to as a monopoly, but there is also another type of market where there is just one seller. This type of market its called as a Monopsony.
For example let's say when Indian Railway's calls for tenders from various sources to find out the best alternative. This can be said as a situation of Monopsony.
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