Encyclopedia > Monopsony

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A monopsony in economics is when there is only one buyer in a market. This can be compared to a monopoly in which there is only one seller.

An example of a market with a monopsony is the market for road construction, in which there are many suppliers but only one significant buyer (the government).

The arms industry is another example when the only (domestic) customer is the state.

See also: market forms, Oligopsony

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