monopsony
UK /məˈnɒpsəni/ · US /məˈnɑpsəni/ noun
Forms monopsonies
- noun (economics) A market situation in which there is only one buyer for a product.
- noun (economics) A buyer with disproportionate power.
Synonyms
monopsonist
Antonyms
Etymology
From Ancient Greek μόνος (mónos, “alone, solitary; singular, unique”) + ὀψωνέω (opsōnéō, “to buy fish or victuals in general”) + -y, modelled after monopoly. ὀψωνέω is from ὄψον (ópson, “delicacies”) + ὠνέομαι (ōnéomai, “to buy, purchase”). The English word was coined by British classics scholar Bertrand Hallward (1901–2003), and popularized by British economist Joan Robinson (1903–1983) in her book The Economics of Imperfect Competition (1933): see the quotation.
Sources: Wiktionary — from the Wiktionary entry “monopsony”, CC BY-SA 4.0. Details