Chapter 18: the interaction of labour markets Flashcards
1
Q
Define monopsony
A
A market in which there is a single buyer of a good, service or factor of production
2
Q
Define trade union
A
An organization of workers that negotiates with employers on behalf of its members
3
Q
Define bilateral monopoly
A
A situation in which a monopoly seller of labour (a trade union) faces a monopsony buyer of labour (an employer)
