Okay Kiddo, let me try to explain Oligopsony to you in a simple way.
Imagine that you and your friends love to have candy every day. Your mom buys candy from a store every day. But one day, the candy store tells your mom that they are the only place where your mom can buy candy in town. This means that they are the only seller of candy, and your mom has to buy it from them, no matter how much they charge.
Now, let's imagine that you and your friends are not the only ones who love candy. All the kids in town love candy as well. So, the candy store is not the only one selling candy, but the only store where your mom can buy candy from. This means that you and your friends, and all the kids in town have to go to the same store to buy candy which now has control over the price of candy.
This is what an oligopsony is. It is a market condition where there are very few buyers compared to many sellers. In other words, a few big buyers in a market and many small sellers. These buyers have control over the price, and the sellers have to sell their goods to these buyers, no matter how low the price is. Just like your mom has to buy candy from the only store in town.
So, the sellers of goods, like farmers or small businesses, are at the mercy of the big buyers or buyers in oligopsony. This can lead to lower prices, lesser profits, and sometimes even exploitation of the sellers.
Does that help you understand Oligopsony better?