monopsonies

Noun

monopsony (plural monopsonies)

1. A market situation in which there is only one buyer for a product.
   • Our next task is to consider the change in the amount of a commodity purchased when the market changes from an indefinitely large number of competing buyers to a single buying agency. This may be described as the comparison between competitive and monopsony buying, just as the corresponding...1933, Joan Robinson, “Monopsony”, in The Economics of Imperfect Competition, London: Macmillan and Co., Limited […], →OCLC, section 2, page 219

   Antonyms:

   monopoly

2. A buyer with disproportionate power.
   • The result is different when the resource buyer is a monopsony. The monopsony firm is a single buyer, and therefore it faces the market supply curve.1978, Roger K. Chisholm, Marilu Hurt McCarty, Principles of Microeconomics, Glenview, Ill.: Scott, Foresman, →ISBN, page 344

   Synonyms:

   monopsonist