Search results
Results from the WOW.Com Content Network
In economics, a monopsony is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers. The microeconomic theory of monopsony assumes a single entity to have market power over all sellers as the only purchaser of a good or service.
Monopsony is commonly applied to buyers of labour, where the employer has wage setting power that allows it to exercise Pigouvian exploitation [3] and pay workers less than their marginal productivity. Robinson used monopsony to describe the wage gap between women and men workers of equal productivity. [4]
In Cournot’s model, there are two firms and each firm selects a quantity to produce, and the resulting total output determines the market price. [9] Bertrand Price Competition, Joseph Bertrand was the first to analyze this model in 1883. In Bertrand’s model, there are two firms and each firm selects a price to maximize its own profits ...
In the mathematical model for the cost of production, the short-run total cost is equal to fixed cost plus total variable cost. The fixed cost refers to the cost that is incurred regardless of how much the firm produces. The variable cost is a function of the quantity of an object being produced.
A bilateral monopoly is a market structure consisting of both a monopoly (a single seller) and a monopsony (a single buyer). [1]Bilateral monopoly is a market structure that involves a single supplier and a single buyer, combining monopoly power on the selling side (i.e., single seller) and monopsony power on the buying side (i.e., single buyer).
A monopoly may also have monopsony control of a sector of a market. A monopsony is a market situation in which there is only one buyer. Likewise, a monopoly should be distinguished from a cartel (a form of oligopoly), in which several providers act together to coordinate services, prices or sale of goods.
Edward Hastings Chamberlin (May 18, 1899 – July 16, 1967) was an American economist.He was born in La Conner, Washington, and died in Cambridge, Massachusetts.. Chamberlin studied first at the University of Iowa (where he was influenced by Frank H. Knight), then pursued graduate studies at the University of Michigan, eventually receiving his Ph.D. from Harvard University in 1927.
Main page; Contents; Current events; Random article; About Wikipedia; Contact us