The EzyEducation website uses cookies to help ensure we give you the best experience.
If you continue without changing your settings, we assume that you are happy to receive all cookies on the EzyEducation website.
Please refer to our Privacy and Cookies Statement to

find out more.

Continue

Please email [email protected] or call 07729 776281/01489 861310 for school or individual enquiries.

Economics Year 13 revision Day 15 - Monopsony

Economics Year 13 revision Day 15 - Monopsony

On day 15 of our Year 13 recap, we review the concept of a monopsony in the context of labour markets.

A monopoly describes one producer/seller in the market and a monopsony describes one buyer in the market. A firm that is a monopsony has significant bargaining power when it comes to employing the factors of production needed to make goods and/or services.

A monopsony firm is often perceived as an unhealthy position for a labour market to be in due to the fact that the outcomes under this labour market structure result in wages being depressed and the total number of people employed being below that which would prevail under a perfectly competitive scenario.

Here Jack guides you through the revision slide on monopsony labour markets.

 

Countdown to Exams - Day 77 - Trigonometric graphs
Business Studies Year 13 revision Day 14 - Strateg...
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Saturday, 15 August 2020
Forgot your password?