What is the meaning of the term 'monopsony'?
1
It is a form of market with many sellers but only one buyer, who is in a position to dictate terms to the sellers
2
It is a form of market with one seller, but many buyers and buyer have no choice.
3
It is a form of market where there are many sellers and many buyers and both have multiple choices.
4
It is a market in which there are two sellers and many buyers having limited choices