Asked by Megan Campbell on Jun 25, 2024
Verified
A single employer who faces the entire labor supply curve in an industry is a ___________.
Monopsonist
A single buyer dominant in a market, capable of influencing prices due to its purchasing power.
Labor Supply Curve
A graphical representation that shows the relationship between the wage rate and the quantity of labor that workers are willing to supply.
- Familiarize with the notion of monopsony in the context of labor markets.
Verified Answer
DS
Learning Objectives
- Familiarize with the notion of monopsony in the context of labor markets.