Word of the Day – Jan. 6 – Oligopsony

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Dee Dee - Word of the Day

Dee Dee – Word of the Day

Noun: Oligopsony  (ah-luh-GAHP-suh-nee)

Definition: A market situation in which each of a few buyers exerts a disproportionate influence on the market.

Example sentence: The small number of supermarkets in the region has created an oligopsony in which the stores can dictate the price they pay to farmers for meat and fresh produce.