Monopsony is the converse of monopoly. Monopoly is about sellers using market power to influence market price through control of supply, while monopsony is about buyers using market power to influence market price through control of suppliers. They both involve using power to extract economic rent that would be eliminated in competitive markets.
Pro-Market — The blog of the Stigler Center at the University of Chicago Booth School of Business
Labor Market Monopsonies and the Decline of the Labor Share: Q&A with Sandra Black
Sandra Black, member of President Obama’s White House Council of Economic Advisers
ht Mark Thoma at Economist's View
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