1. A market situation in which there are only two buyers for a product or service.
Usage: economics; formal; the buyer-side counterpart to duopoly

Examples

• The duopsony in the agricultural sector meant that only two major food processors could purchase grain from farmers.
• When a duopsony exists, sellers have limited negotiating power because there are few alternative buyers.
• Economists studied the duopsony to understand how limited buyer competition affects market prices.
• The defense industry exhibited duopsony characteristics with only two primary government contractors purchasing specialized components.