Monopsony is a noun that refers to a market situation in which there is only one buyer.
The Greek word mono (MA no) means ‘one,’ as in monopoly, a word that refers to a market situation with one seller. With monopsony, the word ends with P-S-O-N-Y which comes from the Greek word for ‘buying.’ Here’s an example:
Our baseball factory had no choice but to accept the terms of the local baseball team because they were the only buyer in town. It wasn’t a great situation, but with a monopsony, there’s no other option.
