Oligopsony refers to the situation where the number of buyers for a particular product or service is very small. The reasons will be similar to those given for the existence of monopsony; i.e. the market area may be able to support only a few firms of efficient size; or only a few firms possess the facilities required to make effective use of the good or service in question. The significance of oligopsony will, as with oligopoly, depend upon the degree of “cooperation” practiced by the member firms. If, by an agreement or through an understanding, each firm agrees to pay no more than a certain price, and to buy no more than a specified quantity, the firms can all pay the same low price as would be paid by an absolute monopsony. If, on the other hand, each firm acts independently, the price will be bid up to the higher level which would prevail under conditions of perfect buyers’ competition.
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