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Year 2 - Micro > 3.4.6 Monopsony > Flashcards

3.4.6 Monopsony Flashcards

1
Q

Monopsony

A

when there is a single buyer in the market

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2
Q

Monopsonistic Characteristics

A

wage-makers
profit maximisers
They purchase a large portion of the market supply

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3
Q

Monopsony Advantages to Firms

A

Higher profits from reduced production costs

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4
Q

Monopsony Disadvantages to Firms

A

Reputational damage for mistreating suppliers
Supplier conflicts may arise
Long-term driving of suppliers out of business

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Year 2 - Micro (16 decks)

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