Meaning of “monopsony” in the English Dictionary

"monopsony" in Business English

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uk /məˈnɒpsəni/ us ECONOMICS

[ 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.
noun [ C ]

For many years the steel industry has acted as a monopsonist.

(Definition of “monopsony” from the Cambridge Business English Dictionary © Cambridge University Press)