Monopsony is to labor market as monopoly is to _____?

Monopsony in the labor market means that there is only one employer or buyer of labor, which gives that employer a lot of power over wages and working conditions. Similarly, a monopoly exists when there is only one seller in a market, giving that seller control over prices and supply. In both cases, the single entity can influence the market significantly because there are no other competitors to balance its power. For example, if a town has only one factory that hires workers, that factory can pay lower wages because job seekers have no other options. Thus, just as monopsony relates to the labor market, monopoly relates to the goods or services market.