One of the mysteries of the English language finally explained.
A market situation in which there is only one buyer.
- ‘Now, whatever their other inefficiencies might or might not be, law reviews are not monopsonies, since they allow multiple submissions.’
- ‘Using modern terms, in labor markets oligopsony or monopsony emerges, and market imperfections and a zero reservation price for labor exist.’
- ‘In this manner, the imperfect market for players has been transformed from one of monopsony to that of bilateral monopoly.’
- ‘There may have been instances of monopsony or oligopsony in the 19th century, but they were short-lived.’
- ‘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.’
1930s: from mono- ‘one’ + Greek opsōnein ‘buy provisions’ + -y.
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