noun
a market situation in which there is only one buyer
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The presence of a monopsony in the labor market allows the employer to have significant influence over wages.
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When there's only one big company hiring in town, it's like a monopsony for job seekers.
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Having just one buyer for a specific product creates a monopsony situation where they can dictate prices.
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In a small village with only one grocery store, the owner essentially has a monopsony over the local food market.