monopsonistic Definition
relating to or characterized by a market situation in which there is only one buyer for a particular product or service.
Using monopsonistic: Examples
Take a moment to familiarize yourself with how "monopsonistic" can be used in various situations through the following examples!
Example
The company's monopsonistic practices have led to lower wages for workers.
Example
The agricultural industry is often characterized by monopsonistic markets where farmers have little bargaining power.
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Summary: monopsonistic in Brief
'Monopsonistic' [mɒnɒpsəˈnɪstɪk] describes a market situation where there is only one buyer for a specific product or service. This can lead to lower wages for workers and little bargaining power for suppliers. An example of this is the agricultural industry.
