Final answer:
A monopsony is a market situation in which there is only one buyer, and the NBA has monopsony power as the sole buyer of professional basketball players. The players have monopoly power as they possess the skills and abilities required for professional basketball.
Step-by-step explanation:
A monopsony is a market situation in which there is only one buyer for a particular good or service. The National Basketball Association (NBA) has monopsony power because it is the sole buyer of professional basketball players. This gives the NBA the ability to influence player contracts, salaries, and working conditions.
On the other hand, the players have monopoly power because they are the only ones with the specific skills and abilities required for professional basketball. This gives them the ability to negotiate collectively through a player's union and demand higher salaries, better benefits, and improved working conditions.