Interesting words
We all know what Monopoly means.
There are many people wanting to buy but there is only one vendor.
I just ran into its opposite.
Monopsony
Monopsony means that a business with monopoly power can control the supply of the goods that they buy. That means that it can reduce the quantity of an input demanded in order to depress the price of that input. This contrasts with a competitive buyer, which simply buys as many units of input as long as the marginal benefit exceeds the input price, over which it has no control. Monopsony power in essence gives a business the ability to control their unit cost of paying for an input, similar to how a monopoly can control their price.
Interesting.
Another favorite word that I ran into at my last job is
Allision.
Collision and Allision
When one thinks of admiralty law the archetypical fact pattern that comes to many people’s minds is a collision or allision (vessel contact with a fixed object). There are many well ingrained legal concepts and rules, some of which are unlike anything found in land based law.
Posted by DaveH at June 5, 2005 7:19 PM