An economic condition in which a small number of buyers exert control over the market price of a commodity.
Origin: From ὀλίγοι + ὀψωνία, corresponding to .
An oligopsony is a market form in which the number of buyers is small while the number of sellers in theory could be large. This typically happens in a market for inputs where numerous suppliers are competing to sell their product to a small number of buyers. It contrasts with an oligopoly, where there are many buyers but few sellers. An oligopsony is a form of imperfect competition. The terms monopoly, monopsony, and bilateral monopoly have a similar relationship.
The numerical value of oligopsony in Chaldean Numerology is: 9
The numerical value of oligopsony in Pythagorean Numerology is: 3
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