Larry's Pretty Good Word of the Day (prettygoodword) wrote in 1word1day,
Larry's Pretty Good Word of the Day

Thursday word: oligopsony

oligopsony (ol-i-GOP-suh-nee) - n., a market in which there are many sellers and few buyers.

Thus giving those few buyers a disproportionate influence on prices. So, for example, two or three shippers who buy up all the harvest of many small farmers, resulting in very low prices -- for at least implicit, if not explicit, collusion is common in these situations. Contrast with oligopoly, where there are few sellers/suppliers and many buyers -- such as a couple cable TV or telephone companies and many households, where the collusion results in high prices. Contrast also with monopsony or monopoly, where there's a single buyer or a single seller, where the imperfect competition is completely removed. All these are technical terminology from economics, coined out of Greek roots: oligo- from olígos, little/few + opsōnía, the purchase of provisions/shopping, and for example usage, I commend your attention to textbooks.

Tags: greek, noun, o

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