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What (who) is monopsony - definition
Monopsony
In economics, a monopsony is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers. The microeconomic theory of monopsony assumes a single entity to have market power over all sellers as the only purchaser of a good or service.
Bilateral monopoly
MARKET STRUCTURE CONSISTING OF BOTH A MONOPOLY (A SINGLE SELLER) AND A MONOPSONY (A SINGLE BUYER)
Bilateral monopsony
A bilateral monopoly is a market structure consisting of both a monopoly (a single seller) and a monopsony (a single buyer).Mark Hirschey, Fundamentals of Managerial Economics, Cengage Learning, 2008, pp.
Wikipedia
Monopsony
In economics, a monopsony is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers. The microeconomic theory of monopsony assumes a single entity to have market power over all sellers as the only purchaser of a good or service.
Examples of use of monopsony
1. As a major supplier, Russia is as concerned about monopsony as western consumers are about monopoly.