Monopsony
In economics, a monopsony is a market with only one buyer. This can be compared to a monopoly in which there is only one seller.
Examples
- An example of a market with a monopsony is the market for road construction, in which there are many suppliers but only one significant buyer (the government).
- The arms industry is another example when the only (domestic) customer is the state.
- Single-payer healthcare is a system where the government is the only buyer.