Definition

Relating to a market situation where there is only one buyer for a product or service.

Example

In a monopsonistic market, the single buyer has significant control over prices and supply.

Conversation

I just read an article about monopsonistic markets.

Oh really? What did it say?

It explained how they can affect wages and employment opportunities.

That sounds interesting; I didn't know much about that before!

Synonyms & Antonyms

Root Explanation

Monopsonistic → It is formed from "mono-" (meaning single or one) and "opson" (from Greek "opsōnion", meaning purchase or food). The suffix "-istic" (meaning pertaining to) indicates a characteristic. Thus, monopsonistic refers to a market condition where there is a single buyer for many sellers, emphasizing the power of one buyer in the market.

Memory Tip

Think of 'mono-' meaning 'one' and 'opson' relating to 'purchase' — this helps you remember that monopsonistic describes a market with one main buyer.

Visually Confused Words