monopsony

/məˈnɑpsəni/

In economics, a monopsony is where there are many sellers and one buyer. It’s the opposite of a monopoly, which is where there are many buyers and one seller. In fact, a monopsony is sometimes called “a buyer’s monopoly.”

The term monopsony was first used in print by economist Joan Robinson in 1933, from a combination of the Greek roots mónos, "single," and opsōnía, "purchase." A monopsony is not a healthy market because it often means a single employer (buyer) has a lot of available workers (sellers). An example of a monopsony is a mining town with only one employer, a coal company that has the power to pay workers low wages because there's no competition.

Definitions of monopsony

1. noun

   (economics) a market in which goods or services are offered by several sellers but there is only one buyer
   type of:

   market, market place, marketplace

   the world of commercial activity where goods and services are bought and sold