Monopsony Flashcards
1
Q
What is a monopsony
A
When there is one dominant buyer and many sellers in the market
2
Q
Give examples of monopsonies
A
NHS
Tesco
NASA
TFL
3
Q
What are monopsonies able to do to the prices they pay for suppliers and why
A
Monopsonies have price setting ability and can threaten to buy from other suppliers if they deem that prices are too high
