Word of the Day

Word of the Day: Oligopsony
Definition: (noun)
1) a market situation in which each of a few buyers exerts a disproportionate influence on the market
2) a state of the market in which only a small number of buyers exists for a product.
Circa 1940; Oligopsony derives from the combining form olig-, meaning “few,” and the Greek noun opsōnia—”the purchase of victuals”—which is ultimately from the combination of opson, “food,” and ōneisthai, “to buy.”