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Vocabulary Builder — Essay & Answer Writing

monopsony

noun / muh-NOP-suh-nee / Hard
Meaning

A market situation in which there is only one buyer for a product or service, giving that buyer power to depress prices or wages.

Origin / Etymology

From Greek ''monos'' (single) and ''opsonein'' (to buy provisions).

Synonyms
single buyer buyer monopoly purchasing power demand-side dominance
Antonyms
monopoly competitive market open market many buyers
Example Sentence
"Farmers argued that a single procurement agency created a monopsony that left them with little bargaining power over prices."
🎯 UPSC Usage

Useful in GS Paper 3 answers on agricultural markets, APMC reforms, and labour economics where large employers suppress wages. Cite it in debates on minimum support price, gig-economy platforms, and the need to give producers alternative buyers.

Relevant Subjects
Economy
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