Buyer's Monopoly

Monopoly isn't just a fun/infuriating board game...it's also a situation where one group, person, firm, etc. is controlling a sector or market.

A buyer's market is also known as a monopsony (not contagious). In this case, there is just one group or person buying a particular item or service. It's not common for products, because items can be shipped nearly anywhere, but in the event that a buyer's monopoly does happen, it leaves the buyer with considerable power. The buyer can force the seller to lower the price of their good or service simply because the buyer is controlling their source of income, and eventually they (the seller) will get desperate enough that they'll take any offer rather than nothing.

Consider the example of an isolated rural town, with just a couple factories and one hospital. If those factories and that hospital are the only employing groups around, they can drive down wages, because they know people in the area will eventually have to suck it up and work for those low wages. That would be considered a very unpleasant buyer's monopoly on labor.