Definition of monopsony in English:

monopsony

noun

Economics
  • A market situation in which there is only one buyer.

    • ‘There may have been instances of monopsony or oligopsony in the 19th century, but they were short-lived.’
    • ‘Now, whatever their other inefficiencies might or might not be, law reviews are not monopsonies, since they allow multiple submissions.’
    • ‘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.’
    • ‘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.’

Origin

1930s: from mono- ‘one’ + Greek opsōnein buy provisions + -y.

Pronunciation:

monopsony

/məˈnɒpsəni/