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

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2
Q

Define trade union

A

An organisation of workers that negotiates with employers on behalf of its members

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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)

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