from The American Heritage® Dictionary of the English Language, 4th Edition
- n. A market condition in which purchasers are so few that the actions of any one of them can materially affect price and the costs that competitors must pay.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. An economic condition in which a small number of buyers exert control over the market price of a commodity.
Medicare may have imperfect pricing due to oligopsony, but one might suppose that corporations' dedication to oligopolistic competition would be at least as worthy of this blog's commentary as to its impact on Welfare.
Olson never mentions oligopsony (many sellers to a very small number of buyers) even once in his book.
To clarify, the oligopsony, as referenced here, is not about the retail sale of gasoline.
For the record, oligopsony is the flip side of oligopoly, that is, a small number of buyers, in this case, of labor services.
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,
Wordnik is becoming a not-for-profit! Read our announcement here.