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oligopsony (ol-i-GOP-suh-nee) noun
The market condition where a few buyers control the market for a product.
[From Greek oligo- (few, little) + opsonia (purchase).]
A word that shares the same prefix is oligarchy: government by the few, where political power is held by a small group and used for selfish and corrupt purposes.
"Does a joint Internet venture by the world's automakers to purchase parts amount to an illegal oligopsony--a cartel of buyers that can drive prices down through their market power?" James V. Grimaldi; Trustbusters Put On a Stern Face; The Washington Post; Jun 29, 2000.
This week's theme: words from the 2005 Spelling Bee.
It is by the goodness of God that in our country we have those three unspeakably precious things: freedom of speech, freedom of conscience, and the prudence to practice neither. -Mark Twain, author and humorist (1835-1910)
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