Monopsony
Etymology
Coined in 1933 by the economist Joan Robinson, who asked a Cambridge classicist for a proper counterpart to monopoly. He built it from Greek monos, "single," plus opsōnia, "purchase of provisions" (from opsōnein, "to buy food") — literally "single buyer."
noun · /muh-NOP-suh-nee/
A market with a single dominant buyer, who can therefore push down the price paid to many competing sellers.
What it names
It reveals why wages can stay low even when a company is thriving: if one employer is the only real buyer of labor in town, workers have little leverage.
Example
In a company town, the dominant employer acts as a monopsony over local wages.
Related idea
It is the flip side of monopoly: one seller squeezes buyers, one buyer squeezes sellers.