word of the day: monopsony

The word of the day is monopsony:

noun

1. the market condition that exists when there is one buyer.

Origin

Greek mon- + Greek opsōnía shopping, purchase of provisions (dictionary.com)

"Right now, the U.F.C.’s chief competitor is Bellator, owned by Viacom. But Bellator remains a minor league, and it hasn’t done much to change the perception that the U.F.C. is something of a monopsony; for an ambitious fighter, a U.F.C. contract is the only one that really matters."

 - Kelefa Sanneh, "Mean girl: Why the world's best female fighter loves to be hated", 28 July 2014 The New Yorker