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Oligopsony

Oligopsony Definition

An oligopsony is a market characterised by a small number of consumers for a product or a service. Oligopsony is a market form in which a firm faces a small number of sellers of the inputs it needs to purchase. When an industry comprised of a few firms is viewed by those within the industry, it is referred to as oligopoly : when viewed by outsiders that wish to purchase the industry's products, it is referred to as oligopsony. Oligopoly refers to the market for output (ie.: product market) while oligopsony refers to the market for inputs (ie.: factor markets). A market with a few sellers (oligopoly) and a few buyers (oligopsony) is referred to as a bilateral ologopoly.








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