CIPS L3M1 Exam - Topic 1 Question 47 Discussion

Actual exam question for CIPS's L3M1 exam

Question #: 47
Topic #: 1

[All L3M1 Questions]

A market situation where there is only one buyer in the marketplace is called:

APerfect competition

BOligopoly

CMonopoly

DMonopsony

Show Suggested Answer

Suggested Answer: D

A market with only one buyer is called a 'monopsony'.

There may be other QUESTION NO :s in this test about the other terms shown, so I shall hold back on expla-nation(s) here.

by Shonda at Apr 07, 2026, 04:47 PM

Limited Time Offer

25%

Off

Get Premium L3M1 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Vernice

4 days ago

Same here! Monopsony is the only option that matches the question.

upvoted 0 times

...

Alaine

9 days ago

I feel confident about this one. D is definitely the answer.

upvoted 0 times

...

Willis

14 days ago

Monopoly is just one seller. Monopsony is the buyer!

upvoted 0 times

...

Elza

19 days ago

I was torn between C) Monopoly and D) Monopsony. But D makes more sense.

upvoted 0 times

...

Yvette

25 days ago

Yeah, I agree! It fits the definition perfectly.

upvoted 0 times

...

Simona

30 days ago

I think it's D) Monopsony. One buyer, right?

upvoted 0 times

...

Elin

1 month ago

Nope, monopsony is right, good catch!

upvoted 0 times

...

Kara

1 month ago

I thought it was a monopoly too, kinda surprised!

upvoted 0 times

...

Nickolas

2 months ago

Wait, isn't that just a monopoly?

upvoted 0 times

...

Hildegarde

2 months ago

Definitely D!

upvoted 0 times

...

Tammara

2 months ago

It's called a monopsony!

upvoted 0 times

...

Valentine

2 months ago

Nope, it's not a monopoly, that's for sure.

upvoted 0 times

...

Otis

2 months ago

I thought it was perfect competition at first!

upvoted 0 times

...

Vivan

2 months ago

Wait, isn't that just a monopoly?

upvoted 0 times

...

Tiffiny

4 months ago

Totally agree, it's definitely D.

upvoted 0 times

...

Celeste

4 months ago

That's a monopsony!

upvoted 0 times

...

Ryan

5 months ago

I feel like I’ve seen this in our notes, but I can’t recall the exact definition. Is it D) Monopsony?

upvoted 0 times

...

Shaniqua

5 months ago

I always confuse monopoly and monopsony. I hope I can remember that monopsony is the one with a single buyer.

upvoted 0 times

...

Lashon

5 months ago

I remember practicing a question like this! Monopsony is when there’s one buyer, right?

upvoted 0 times

...

Alberta

5 months ago

I think this is about market structures, but I’m not sure if it’s monopoly or monopsony.

upvoted 0 times

...