GENERAL KNOWLEDGE

Detailed explanation-1: -A monopsony is a market condition in which there is only one buyer, the monopsonist. Like a monopoly, a monopsony also has imperfect market conditions.

Detailed explanation-2: -Detailed Solution Bilateral monopoly is a market structure where there is only one buyer (monopsony) and one seller of a product (monopoly).

Detailed explanation-3: -Both a monopoly and a monopsony refer to a single entity influencing and distorting a free market. In a monopoly, a single seller controls or dominates the supply of goods and services. In a monopsony, a single buyer controls or dominates the demand for goods and services.