A market structure with only a single buyer of a product who is able, therefore, to set the buying price The classic examples include the demand for labor in a one-company town and the purchase of all output from certain mines by a large manufacturer
a situation in which there is a single buyer of a particular good or service in a given market (chapter 13)
In economic theory, market situation in which there is only one buyer. An example of pure monopsony is a firm that is the only buyer of labour in an isolated town; such a firm would be able to pay lower wages to its employees than it would if other firms were present. Though cases of pure monopsony are rare, monopsonistic elements are found wherever there are many sellers and few purchasers