noun
- plural of monopsony; markets in which there is only one buyer for a particular good or service
Usage: economics
Examples
- Labor markets can become monopsonies when only one major employer exists in a region.
- The government often creates monopsonies when it is the sole purchaser of military equipment.
- Agricultural monopsonies occur when farmers have only one buyer for their crops.
- Healthcare monopsonies may form when insurance companies dominate specific markets.
- Economists study monopsonies to understand their effects on pricing and competition.
- Small towns sometimes experience monopsonies in employment opportunities.