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Things I learned today June 6, 2011 9:55 pm TB

A phrase from “Zero Punctuation:”

“More assholes than a donkey in an iron maiden.”

A new economic term: “Monopsony,” from a presentation on the economics of space flight.

From ancient Greek μόνος [monos] “single” + ὀψωνία [opsōnia] “purchase.” It means a market in which only one buyer faces many sellers. An example of imperfect competition, similar to a monopoly, in which only one seller faces many buyers. As the only purchaser of a good or service, the “monopsonist” may dictate terms to its suppliers in the same manner that a monopolist controls the market for its buyers.

In this case, it referred to companies who only do business with the government, common in the defense and space industries.

  • Here's an example from the private sector, rock band managers who negotiate ridiculous contract provisions with concert promoters. (Party of ... by ER 2011-06-07 04:41:18

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