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An alternative that has been suggested as a source of monopsony power is worker preferences over job characteristics. [20] [21] Such job characteristics can include distance from work, type of work, location, the social environment at work, etc. If different workers have different preferences, employers could have local monopsony power over ...
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.
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 monopsony is a situation in which a single buyer dominates the market. In this situation, a firm sets the market price it will pay for the factor rather than taking it as market-determined, and the amount of the factor to purchase is chosen at the same time subject to the constraint that the price-and-quantity combination is a point on the ...
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]
A duopoly (from Greek δύο, duo ' two '; and πωλεῖν, polein ' to sell ') is a type of oligopoly where two firms have dominant or exclusive control over a market, and most (if not all) of the competition within that market occurs directly between them.
4 Monopsony. 5 Asymmetric information. ... whereby employers could use various characteristics of applicants differentiate between high-ability or low-ability workers.
Monopsony: Duopsony: Oligopsony: An oligopsony (from Greek ὀλίγοι (oligoi) "few" and ὀψωνία (opsōnia) "purchase") is a market form in which the number ...