monopsony
/məˈnɒpsəni
/noun (plural monopsonies) Economics
A market situation in which there is only one buyer.Using modern terms, in labor markets oligopsony or monopsony emerges, and market imperfections and a zero reservation price for labor exist....
- One way of attending to this need for prudent regulation would be to establish a monopsony, a situation where only one buyer exists for the products of several sellers.
- Now, whatever their other inefficiencies might or might not be, law reviews are not monopsonies, since they allow multiple submissions.
Origin
1930s: from mono- 'one' + Greek opsōnein 'buy provisions' + -y3.