noun (plural monopsonies)Economics
A market situation in which there is only one buyer.
- Using modern terms, in labor markets oligopsony or monopsony emerges, and market imperfections and a zero reservation price for labor exist.
- One way of attending to this need for prudent regulation would be to establish a monopsony, a situation where only one buyer exists for the products of several sellers.
- Now, whatever their other inefficiencies might or might not be, law reviews are not monopsonies, since they allow multiple submissions.
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