Monopsonists

Part of speech: noun

Definitions

1. A group or individual that holds significant market power by being the sole buyer of a particular product or service
2. A person or entity that exercises control over the price and terms of trade due to being the only purchaser in a market
3. An economic actor who can influence supply chains and pricing structures by dominating demand for goods or services in a specific industry or sector

Etymology: "Monopsonists" is the plural of "monopsonist," so it takes its history from the word "monopsony," which it builds on by adding the suffix "-ist" for a person or entity that practises something. A monopsony is a market in which there is only one buyer, the mirror image of a monopoly, where there is only one seller. The "mono-" part is the Greek prefix for "single," and the "-psony" element comes from the Greek "opsonion," meaning provisions or food bought in the market, from "opsonein," to buy provisions. The shape of the word is a deliberate pairing: economists coined "monopsony" to match "monopoly," so that the two terms sit side by side with the same prefix and a different second half. A monopsonist, then, is the single buyer who sets the terms, and the word takes the same route as other "-ist" nouns such as "capitalist" or "pianist," adding a suffix to name the agent of the idea.