duopsony
/duˈɑpsəni/
noun
- A market situation in which there are only two large buyers for a product or service, giving them significant control over prices and terms.
- Economists studied the duopsony of the coffee bean market, where two giant roasters buy nearly all the harvest.
- The labor market in that town is a duopsony because only two factories hire most of the workers.
- In a duopsony, the two major grocery chains can force farmers to accept lower prices for their crops.