monopsonistic

Meanings

• noun

  A market structure in which there is only one buyer for a particular good or service.

  - "The town's monopsonistic employer set the wages for all workers."
  - "The monopsonistic buyer had significant market power over the sellers."

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Variants

List of all variants of monopsonistic that leads to same result
monopsonies , monopsonistic , monopsony

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Etymology

origin and the way in which meanings have changed throughout history.

From the Greek monopsonos, meaning 'single buyer'.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. Monopsonistic markets can lead to inefficiencies and lower production levels compared to competitive markets.

2. The concept of monopsonistic markets was first described in detail by the economist Herber A. A. Hart in his 1938 paper 'A Monopsonistic Labor Market'.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Monopoly: Monopsonistic markets differ from monopolies in that there is only one buyer instead of one seller.

2. Oligopsony: A market structure where a small number of buyers purchase a large proportion of the goods or services in the market.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Monopsonistic markets are often discussed in the context of economic theory and competition policy.

How to Memorize "monopsonistic"

1. visualize
   

   - Imagine a market where only one buyer is present and has significant market power.

2. associate
   

   - Associate the term with the idea of a single buyer in a market.

3. mnemonics
   

   - Remember that monopsonistic markets have only one buyer.

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