Final answer:
A market structure characterized by a single buyer of a good, service, or resource is known as a monopoly. In a monopoly, there is only one seller who has exclusive control over the market, allowing them to manipulate prices. Monopolies often have high barriers to entry, making it difficult for other firms to enter the market.
Step-by-step explanation:
A market structure characterized by a single buyer of a good, service, or resource is known as a monopoly.
In a monopoly, there is only one seller who has exclusive control over the market, allowing them to manipulate prices. Monopolies often have high barriers to entry, making it difficult for other firms to enter the market.