These examples are programmatically compiled from various online sources to illustrate current usage of the word 'monopsony.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Alex Shephard, The New Republic, 3 Nov. While a monopoly, by definition, refers to a single firm, in practice, the term is often used to describe a market in which one firm has a very high market share. A monopolist is a person or company who is either the only seller in a market, or such a large influence on the market that they can ignore the competition. Since a monopoly faces no significant competition, it can charge any price it wishes. This is the opposite of a perfectly competitive. In the case of monopoly, one firm produces all of the output in a market. A monopoly implies an exclusive possession of a market by a supplier of a product or a service for which there is no substitute. In economics, monopoly and competition signify certain complex relations among firms in an industry. 2022 The publishing industry is both hyper-consolidated and hyper-dominated by Amazon, a clear monopsony power. Monopolistic Market: A monopolistic market is a theoretical construct in which only one company may offer products and services to the public. monopoly and competition, basic factors in the structure of economic markets. Winston Cho, The Hollywood Reporter, 19 Nov. 2023 Taking into account market share and monopsony concerns, studios and distributors outside of the five majors make attractive acquisition targets. 2022 Microsoft, Google, Apple, Oracle, Salesforce, and the other very large monopoly and monopsony players weren’t first movers. 2023 If a company is dominant on the buy-side, it’s called a monopsony. In the Microeconomics textbook I use for my courses (Gwartney, Stroup, Sobel, and Macpherson) the definition of monopoly is, a market structure characterized by (1) a single seller of a well-defined product for which there are no good substitutes and (2) high barriers to the entry of any other firms into the market for that product. Christian Lorentzen, Harper’s Magazine , 8 Feb. 2022 The government’s case was thus a defense against monopsony, being pursued on behalf of producers of manuscripts-also known as authors. 2023 In contrast, courts and regulators have largely neglected monopsony, where there exists one or a small handful of purchasers of goods and services, including labor services. Katie Kilkenny, The Hollywood Reporter, 17 Aug. Recent Examples on the Web In October, a federal judge blocked Paramount Global’s attempt to sell publisher Simon & Schuster to the owner of Penguin Random House based on the Justice Department’s monopsony theory that the merger would harm authors of top-selling books.
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