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Monopsony theory was developed by economist Joan Robinson in her book The Economics of Imperfect Competition (1933). [1] Economists use the term "monopsony power" in a manner similar to "monopoly power", as a shorthand reference for a scenario in which there is one dominant power in the buying relationship, so that power is able to set prices ...
A bilateral monopoly is a market structure consisting of both a monopoly (a single seller) and a monopsony (a single buyer). [1]Bilateral monopoly is a market structure that involves a single supplier and a single buyer, combining monopoly power on the selling side (i.e., single seller) and monopsony power on the buying side (i.e., single buyer).
Book V: Price Discrimination - This book explores the practice of price discrimination, where a single firm charges different prices for the same commodity. It discusses the concept of price discrimination and raises reflections on its desirability. Book VI: Monopsony - This book shifts the focus to the perspective of an individual buyer.
In 1933, her book The Economics of Imperfect Competition, Robinson coined the term "monopsony", which is used to describe the buyer converse of a seller monopoly. Monopsony is commonly applied to buyers of labour, where the employer has wage setting power that allows it to exercise Pigouvian exploitation [ 13 ] and pay workers less than their ...
[2] A monopoly may also have monopsony control of a sector of a market. A monopsony is a market situation in which there is only one buyer. Likewise, a monopoly should be distinguished from a cartel (a form of oligopoly), in which several providers act together to coordinate services, prices or sale of goods.
In economics, a government-granted monopoly (also called a "de jure monopoly" or "regulated monopoly") is a form of coercive monopoly by which a government grants exclusive privilege to a private individual or firm to be the sole provider of a good or service; potential competitors are excluded from the market by law, regulation, or other mechanisms of government enforcement.
In U.S. publishing, five publishers known as the Big Five account for about two thirds of books published. [1] Each of the companies runs a series of specialized imprints, which cater to different market segments and often carry the name of formerly independent publishers. Imprints create the illusion that there are many publishers, but ...
Such job characteristics can include distance from work, type of work, location, the social environment at work, etc. If different workers have different preferences, employers could have local monopsony power over workers that strongly prefer working for them. Empirical evidence of monopsony power has been relatively limited.