The situation in which buyers are able to affect the price of a good is referred to as ______ power.

monopoly

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purchasing

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monophony

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countervailing

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Solution

The correct option is D monophony
The situation where is only one seller and who has full control over the product as well as price of that product is called as monopoly. On the other hand, the situation in which a single buyer is able to affect the price of a good is referred to as monophony power.

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1930

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