Monopsony
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 inverse of a monopoly.
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Origin
British economist Joan Robinson introduced the term in her 1933 book The Economics of Imperfect Competition, crediting classicist Bertrand Hallward of Cambridge with coining it. From Greek mónos (single) and opsōneîn (to purchase provisions), Hallward chose "monopsony" over the more direct "mono-ony" for euphony. The term describes the buyer-side mirror of monopoly, addressing market power imbalances from the opposite direction.
Updated February 22, 2026