noun
monopsony
muh-NOP-suh-nee
Monopsony (noun) means a market in which there is only one buyer for a product or service. Example: “In a town with one large factory, the labour market can look like a monopsony.”
noun
1
economics A market in which there is only one buyer for a product or service.
"In a town with one large factory, the labour market can look like a monopsony."
"Economists describe a sole buyer that can dictate prices to many sellers as a monopsony."
"The farmers complained that the single processor had created a monopsony for their milk."
2
economics A buyer that holds disproportionate power over the sellers it deals with.
"Critics call the retailer a monopsony because its suppliers have nowhere else to sell."
"The hospital group acts as a monopsony when it hires nurses in the region."
How to use monopsony
Learner’s notesIn plain EnglishA market with just one buyer, or a buyer with far more power than the sellers.
When to use it
It is a technical term used mainly in economics.
Easily confused with
Common pairings
labour market monopsony
monopsony power
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Etymology
The word comes from Ancient Greek, combining mónos, meaning alone, with a verb meaning to buy, and was modelled on monopoly. It was coined by the classics scholar Bertrand Hallward and popularised by the economist Joan Robinson in 1933.
Synonyms
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monopsonist
Antonyms
Related words
Rhymes for monopsony
See all rhymes for monopsony →Frequently asked questions
What is a monopsony?
A monopsony is a market with only one buyer. The buyer can have a great deal of influence over the price it pays.
What is the difference between a monopoly and a monopsony?
A monopoly has a single seller, while a monopsony has a single buyer.
Who coined the word monopsony?
It was coined by the British classics scholar Bertrand Hallward. The economist Joan Robinson popularised it in her 1933 book The Economics of Imperfect Competition.
What is the meaning of monopsony?
"monopsony" (noun) means a market in which there is only one buyer for a product or service.
