Search results
Results from the WOW.Com Content Network
The standard textbook monopsony model of a labour market is a static partial equilibrium model with just one employer who pays the same wage to all the workers. [6] The employer faces an upward-sloping labour supply curve [ 2 ] (as generally contrasted with an infinitely elastic labour supply curve), represented by the S blue curve in the ...
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.
Monopsony, when there is only a single buyer in a market. Discussion of monopsony power in the labor literature largely focused on the pure monopsony model in which a single firm comprised the entirety of demand for labor in a market (e.g., company town). [12]
Main page; Contents; Current events; Random article; About Wikipedia; Contact us; Pages for logged out editors learn more
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).
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]
All of these treatments have one unifying factor which is the ability to influence the market price by altering the supply of the good or service through its own production decisions. The most discussed form of market power is that of a monopoly, but other forms such as monopsony and more moderate
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.