A market situation in which the product or service of several sellers is sought by only one buyer.
A situation in which there is only one buyer for a particular commodity or service.
Origin of monopsony
- mon(o)– Greek opsōniā purchase of food duopsony
From American Heritage Dictionary of the English Language, 5th Edition
- Coined by classics scholar Bertrand Hallward of Peterhouse College, Cambridge, popularized by economist Joan Robinson in her 1933 book, The Economics of Imperfect Competition.
- From mon- +"Ž Ancient Greek á½€ÏˆÏ‰Î½ÎÏ‰ (opsÅneÅ, “buy products") +"Ž -y.