monopsony
/məˈnɒpsəni/ noun ECONOMICSDefinition
› [U] a situation in a market in which there is only one buyer for goods or services offered by several sellers: Since most of the biggest marketplaces are run by buyers, they tend to risk monopsony.
› [C] a buyer who is the only one in a market in which the goods or services are offered by several sellers: People have accused the big wine buyer of being a monopsony.
monopsonist noun [C] › For many years the steel industry has acted as a monopsonist.(Definition of monopsony noun from the Cambridge Business English Dictionary
© Cambridge University Press)
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