How is an economic condition when there is one buyer and many sellers called?

An economic condition where there is one buyer and many sellers is called a monopsony. In a monopsony, the single buyer has significant market power and can influence the price and terms of purchase, often to the disadvantage of the sellers. This situation contrasts with a monopoly, where there is one seller and many buyers. Monopsonies are common in labor markets where a single large employer may dominate hiring within a particular region or industry.