What describes a condition with a single seller and many buyers?

A market condition characterized by a single seller and many buyers is best described as a monopoly. In this scenario, the monopolist has significant control over the market, allowing them to influence prices and supply without competition from other sellers. This situation can lead to a lack of consumer choice, as there are no alternative providers for the goods or services offered by the monopolist.

In a monopoly, the seller is the sole provider of a particular product or service, which enables them to set prices above competitive levels, leading to potential market inefficiencies and consumer detriment. Consequently, consumers may face higher prices and limited options in comparison to markets with multiple competitors.

Other options describe different market structures. In a monopsony, there is a single buyer facing many sellers, which contrasts with the idea of a monopoly. Perfect competition features many sellers and buyers, making it a highly competitive environment with no single entity able to influence the market price significantly. Imperfect competition refers to a market structure that deviates from perfect competition, indicating some level of market power among sellers, but it still requires multiple sellers, which distinguishes it from a monopoly.