Word of the Week

Monopsony (n.) a market condition in which there is only one buyer. While a monopoly is a market condition where there is only one seller, while a monopsony is when there is only one buyer, e.g. sometimes an employer may be the only buyer of labor in a place. Another example is the winemaker Ernest and Julio Gallo because they own so many wineries in an area so they have more power than the vineyard.

Reference

“monopsony.” (2020). Investopedia. Retrieved from https://www.investopedia.com/terms/m/monopsony.asp on July 1, 2021.

About smkelly8

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