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monopsony
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monopsony
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Now, whatever their other inefficiencies might or might not be, law reviews are not monopsonies , since they allow multiple submissions.
One way of attending to this need for prudent regulation would be to establish a monopsony , a situation where only one buyer exists for the products of several sellers.
Using modern terms, in labor markets oligopsony or monopsony emerges, and market imperfections and a zero reservation price for labor exist.
There may have been instances of monopsony or oligopsony in the 19th century, but they were short-lived.
In this manner, the imperfect market for players has been transformed from one of monopsony to that of bilateral monopoly.
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