Yup, it's actually called a monotype (print).
Coming from a letterpress background (learned in a REAL apprenticeship in commercial shop, not in art school), I'll admit it took me a LONG time to appreciate the monotype genre. In letterpress/relief printing, you strive to make LOT of copies of the same image with precise uniformity, and doing with multiple colors takes a LOT of skill, patience and training. Old-school letterpress guys joke about monotype that "any schmuck can make ONE copy of something". ;-)
But after I spent some time with artists who were doing monotypes and did a few myself, I realized that it's a totally different mentality, and the process and end product are completely different than relief printing. It's a completely different process--mentally, creatively and goal-wise, and I get it. I don't have any desire to DO them (I'm just OCD enough to actually ENJOY the letterpress process...) but I appreciate them, and the process that goes into making them.
My art praxis is VERY process-oriented, being a sort of zen version of printmaking where the journey is WAY more important for me than the destination. Grad school will do that to you--make you THINK about your personal philosophy as an artist. Sometimes, though, I'll admit, I tend to "over-think" projects. As you can imagine, I was a NIGHTMARE for the instructors and other artists in crits. Sometimes they would just skip over my work because they didn't want to get into another extended discourse... ;-)