A market with one buyer and many suppliers.
Government departments that buy specialized goods.
What is a Monopsony?
John Spacey, updated on December 06, 2016
A monopsony is a market with one buyer and many sellers. For example, if a country has universal health care, the government is a monopsony for medication, medical equipment and supplies in a particular country. Being the opposite of a monopoly, a monopsony generally has power to drive prices lower without losing its suppliers.
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