Monopoly vs. Monopsony

Monopolynoun

A situation, by legal privilege or other agreement, in which solely one party (company, cartel etc.) exclusively provides a particular product or service, dominating that market and generally exerting powerful control over it.

Monopolynoun

An exclusive control over the trade or production of a commodity or service through exclusive possession.

Monopolynoun

The privilege granting the exclusive right to exert such control.

Monopolynoun

(metonymy) The market thus controlled.

Monopolynoun

(metonymy) The holder (person, company or other) of such market domination in one of the above manners.

Monopolynoun

The exclusive power, or privilege of selling a commodity; the exclusive power, right, or privilege of dealing in some article, or of trading in some market; sole command of the traffic in anything, however obtained; as, the proprietor of a patented article is given a monopoly of its sale for a limited time; chartered trading companies have sometimes had a monopoly of trade with remote regions; a combination of traders may get a monopoly of a particular product.

Monopolynoun

Exclusive possession; as, a monopoly of land.

Monopolynoun

The commodity or other material thing to which the monopoly relates; as, tobacco is a monopoly in France.

Monopolynoun

(economics) a market in which there are many buyers but only one seller;

Monopolynoun

exclusive control or possession of something;

Monopolynoun

a board game in which players try to gain a monopoly on real estate as pieces advance around the board according to the throw of a die

Monopoly

A monopoly (from Greek μόνος, mónos, 'single, alone' and πωλεῖν, pōleîn, 'to sell') exists when a specific person or enterprise is the only supplier of a particular commodity. This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly and duopoly which consists of a few sellers dominating a market.

Monopsonynoun

(economics) A market situation in which there is only one buyer for a product.

Monopsonynoun

(economics) A buyer with disproportionate power.

Monopsonynoun

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

Monopsony

In economics, a monopsony is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers. The microeconomic theory of monopsony assumes a single entity to have market power over all sellers as the only purchaser of a good or service.