Yash Nagdoniya Moradabad, India 135 Questions 24 Answers 0 Best Answers 164 Points View Profile 0 Yash Nagdoniya Asked: May 7, 20202020-05-07T08:54:16+05:30 2020-05-07T08:54:16+05:30In: Knowledge What do you understand by the term monopsony? 0 What do you understand by the term monopsony? Share Facebook 2 Answers Voted Oldest Recent Sanjeev Bhilai , India 4 Questions 1k Answers 0 Best Answers 1k Points View Profile Sanjeev Added an answer on May 7, 2020 at 12:31 pm In economics, a monopsony (from Ancient Greek μόνος (mónos) “single” + ὀψωνία (opsōnía) “purchase”) 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. 0 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Charu New Delhi, 602 Questions 2k Answers 4 Best Answers 2k Points View Profile Charu Added an answer on May 7, 2020 at 11:02 am A monopsony occurs when a firm has market power in employing factors of production (e.g. labour). A monopsony means there is one buyer and many sellers. It often refers to a monopsony employer – who has market power in hiring workers. This is a similar concept to monopoly where there is one seller and many buyers. 0 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Leave an answerLeave an answerCancel reply Featured image Select file Browse Save my name, email, and website in this browser for the next time I comment.