It’s not widely discussed, but market concentration is a devastating double-edged sword, cutting deeply not only into household budgets, but also into the financial heart of small businesses. The same monopoly pricing power that abuses consumers can simultaneously exert “monopsony” power. While monopoly refers to a market with very few sellers, monopsony is a concentrated, noncompetitive market with only a handful of dominant buyers. Monopsony empowers those few buyers to dictate prices and onerous terms […]
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