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Monopsonies: Monopsony, Canadian Wheat Board, Awb Limited

Monopsonies: Monopsony, Canadian Wheat Board, Awb Limited


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Chapters: Monopsony, Canadian Wheat Board, Awb Limited. Source: Wikipedia. Pages: 32. Not illustrated. Free updates online. Purchase includes a free trial membership in the publisher's book club where you can select from more than a million books without charge. Excerpt: In economics, a monopsony (from Ancient Greek (monos) "single" + (opsnia) "purchase") is a market form in which only one buyer faces many sellers. It is an example of imperfect competition, similar to a monopoly, in which only one seller faces many buyers. As the only purchaser of a good or service, the "monopsonist" may dictate terms to its suppliers in the same manner that a monopolist controls the market for its buyers. The term was first introduced by Joan Robinson in her influential book, The Economics of Imperfect Competition. Robinson credits classics scholar Bertrand Hallward of Peterhouse College, Cambridge with coining the term. A single-payer universal health care system, in which the government is the only "buyer" of health care services, is an example of a monopsony. It has also been argued that Wal-Mart, in the United States, functions as a monopsony in certain market segments, as its buying power for a given item may dwarf the remaining market. As well as food processing industries in relation to farmers. The term "monopsony power", in a manner similar to "monopoly power", is used by consumers as a short hand reference to buyers who face an upwardly sloping supply curve but that are not the only consumer; better, but more terms may be oligopsony or monopsonistic competition. A monopsonist employer maximizes profits with employment L, that equates demand, given by the marginal revenue product (MRP) curve, to marginal cost MC at point A. The wage is then determined on the supply curve, at point M, and is equal to w. By contrast, a competitive labor market would reach equilibrium at point C, where supply S equals demand. This would lead to empl...More: http://booksllc.net/?id=19284338


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Product Details
  • ISBN-13: 9781156220405
  • Publisher: Books LLC
  • Publisher Imprint: Books LLC
  • Height: 152 mm
  • Sub Title: Monopsony, Canadian Wheat Board, Awb Limited
  • Width: 229 mm
  • ISBN-10: 1156220408
  • Publisher Date: 15 Sep 2010
  • Binding: Paperback
  • Spine Width: 2 mm
  • Weight: 64 gr


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