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Oligopsony: A market dominated by many sellers and a few buyers.
In microeconomics an oligopsony is a market form where there are few buyers.
An oligopsony is a form of imperfect competition.
When several firms control a significant share of market sales, the resulting market structure is called an oligopoly or oligopsony.
Imperfect market structures, such as a monopoly, monopsony, oligopoly, oligopsony, and monopolistic competition.
Both markets, however, are oligopolistic, i.e., there are limited numbers of sellers and buyers (oligopsony).
In all such cases, oligopsony would result from oligopoly in the product markets of the industries that use that type of labour as input.
Likewise, American tobacco growers face an oligopsony of cigarette makers, where three companies (Altria, Brown & Williamson, and Lorillard Tobacco Company) buy almost 90% of all tobacco grown in the US.
One example of an oligopsony in the world economy is cocoa, where three firms (Cargill, Archer Daniels Midland, and Callebaut) buy the vast majority of world cocoa bean production, mostly from small farmers in third-world countries.
As if the preceding were not enough, I also noticed, assuming that the program did not stop and offer choices if the word was in its memory, that oligopsony is in, but psychoneurotic is not; Winston is in, Churchill is not; isosceles is in, scalene is not.
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