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In economics, a monopsony is 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 microeconomic theory of monopsony assumes a single entity to have market power over all sellers as the only purchaser of a good or service.
A monopoly may also have monopsony control of a sector of a market. A monopsony is a market situation in which there is only one buyer. Likewise, a monopoly should be distinguished from a cartel (a form of oligopoly), in which several providers act together to coordinate services, prices or sale of goods.
A bilateral monopoly is a market structure consisting of both a monopoly (a single seller) and a monopsony (a single buyer). [1]Bilateral monopoly is a market structure that involves a single supplier and a single buyer, combining monopoly power on the selling side (i.e., single seller) and monopsony power on the buying side (i.e., single buyer).
Monopsony: Duopsony: Oligopsony: In economics, a duopsony is a market structure in which only two buyers substantially control the market as the major ... Characteristics
Monopsony: Duopsony: Oligopsony: ... Structural screening refers to the identification of industry traits or characteristics, such as homogeneous goods, stable demand ...
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An oligopsony (from Greek ὀλίγοι (oligoi) "few" and ὀψωνία (opsōnia) "purchase") is a market form in which the number of buyers is small while the number of sellers in theory could be large.
An alternative that has been suggested as a source of monopsony power is worker preferences over job characteristics (Bhaskar and To, 1999; Bhaskar, Manning and To, 2002). Such job characteristics can include distance from work, type of work, location, the social environment at work, etc.