Pronounced: rih-ZUMP-tihv, adj
Notes: You may know this word
Yesterday’s word
The word oligopsony is “a market situation in which a few independent buyers exert a disproportionate influence on the market”
First usage
Our word came into English in the 1940s
Background / Comments
Many people are familiar with ‘monopoly’; our word is similar. In addition, both words trace back to the Greek language, although ‘monopoly’ came to use via Latin, and our word came straight from Greek. It is made of olig- (few) combined with opsōnia (the purchase of victuals). This latter word is composed of opson (food) and ōneisthai (to buy).
Richard's Vocabulary Word-of-the-Day 