3.4.6 Monopsony Flashcards
1
Q
Monopsony
A
Where there is only one buyer in the market.
2
Q
Characteristic of monoposony: single buyer
A
A monopsony is characterized by a single dominant buyer in a particular market or industry. This buyer has substantial market power and controls a significant share of the total demand for a specific product or labor.
3
Q
Characteristic of monoposony:
A
