Oligopsony is a term that refers to a market or industry structure where only a small number of buyers exist for a particular good or service. Some synonyms to describe this condition are duopsony, monopsomy, and bilateral monopoly. Duopsony describes a market with two main buyers that have significant market power to affect prices. Monopsomy describes a market with a single dominant buyer. Bilateral monopoly refers to a market where a single seller operates with a single buyer in a transaction. The use of these synonyms helps to contextualize oligopsony in different settings and industries. By understanding these terms, individuals can gain insight into market structures and their impact on prices and competition.