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The special and rare situation where there is just one buyer but many sellers is called Monopsony. This may happen only in a perfectly competitive market; it is a subset of perfect competition. The monospsonist (the only buyer) is like a monopolist and has high bargaining power and can dictate the terms of the industry because of this power. Monopsonist has control over the quantity and this increases the bargaining power. It is hard to find perfect monopsonies in the market but some examples include that of nurses and hospitals, teachers and schools and athletes and clubs.
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