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A.Word.A.Daywith Anu Garg
noun: A market condition where there is only one buyer for a product or service that's being sold by many.
[From Greek mono- (one) + opsonia (purchase of provisions).]
Here's a little chart that explains this week's jumble:
monopsony : one buyer, many sellers
monopoly : one seller, many buyers
"Thirty years ago many African countries had active `anti-agricultural'
policies, taxing farm exports to finance poorly performing industrial
firms, and allowing state monopsonies to gouge producers."
"Klein said these sites would violate
antitrust rules if the buyers improperly shared information, or if they
effectively created a single buyer -- a monopsony -- and drove prices so low
that innovation by the smaller companies would suffer."
I have never been contained except I made the prison. -Mary Evans, actress (1888-1976)