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monopsony |
Also found in: Dictionary/thesaurus, Financial, Wikipedia | 0.01 sec. |
monopsonyIn economic theory, market situation in which there is only one buyer. An example of pure monopsony is a firm that is the only buyer of labour in an isolated town; such a firm would be able to pay lower wages to its employees than it would if other firms were present. Though cases of pure monopsony are rare, monopsonistic elements are found wherever there are many sellers and few purchasers. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Indeed, as noted by Gail Wilensky, former administrator of the Health Care Financing Administration, when the government does act as a monopsony purchaser, or sole buyer, it does not "negotiate" prices, it "sets" them. Seniority and monopsony in the academic labor market. An important implication of this definition is that defense firms have evolved to become specialized in the sense that they focus on the transactions with a monopsony customer--the agencies and organizations in the DoD and not in any particular product or technology. |
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