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examples
A '''monopsony''' is a monopoly by a buyer rather than a seller. In other words, a monopsony is a market structure that has only one buyer of a [[good]] or service.
A '''monopsony''' is a monopoly by a buyer rather than a seller. In other words, a monopsony is a market structure that has only one buyer of a [[good]] or service.
An example of a monopsony is Major League Baseball. Another example is a powerful union in a [[closed shop]].
If a monopsony wishes to buy an additional [[good]] or service, then it must raise the price for all of the goods to that level, in order to buy the additional one.
If a monopsony wishes to buy an additional [[good]] or service, then it must raise the price for all of the goods to that level, in order to buy the additional one.