1. Market situations in which a small number of buyers control the demand for a product or service, giving them significant power over suppliers and prices.
Usage: economics; plural of oligopsony; contrasts with oligopoly (few sellers)

Examples

• The agricultural industry often experiences oligopsonies when a few large retailers dominate food purchasing.
• In some labor markets, oligopsonies emerge when a handful of major employers hire most of the workers in a region.
• Oligopsonies can reduce prices paid to suppliers below competitive levels.
• The pharmaceutical industry has created oligopsonies in certain drug markets where only a few large buyers exist.
• Economists study oligopsonies to understand how buyer power affects market efficiency and supplier welfare.