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The Word of the Day for March 04, 2009 is:oligopsony \ah-luh-GAHP-suh-nee\ noun
Example Sentence:The elimination of small local vendors by a handful of national chain groceries has created an oligopsony where farmers cannot receive fair prices for their yields.Did you know?You're probably familiar with the word "monopoly," but you may not recognize its conceptual and linguistic relative, the much rarer "oligopsony." Both "monopoly" and "oligopsony" are ultimately from Greek, although "monopoly" passed through Latin before being adopted into English. "Monopoly" comes from the Greek prefix mono-" (which means "one") and pōlein ("to sell"). "Oligopsony" derives from the combining form olig-" ("few") and the Greek noun opsōnia ("the purchase of victuals"), which is ultimately from the combination of opson ("food") and ōneisthai ("to buy"). It makes sense, then, that "oligopsony" refers to a "buyers' market" in which the seller is subjected to the potential demands of a limited pool of buyers. Another related word is "monopsony," used for a more extreme oligopsony in which there is only a single buyer.
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