Teaching PowerPoints
3.5.3 Monopsony in the Labour Market (Edexcel A-Level Economics Teaching PowerPoint)
- Level:
- A-Level
- Board:
- Edexcel
Last updated 23 Sept 2023
This teaching powerpoint covers Monopsony in the Labour Market
Monopsony is the opposite of monopoly. Whereas a monopoly is a single seller of a good or service, a monopsony is a single buyer of a good or service. In the labour market, a monopsony employer is a company that has a large amount of control over the wage rate in its industry because it's the only, or one of the only, employers in the area. This means that workers have limited choices for where to work, and the monopsony employer can pay a lower wage rate than if there were more competition in the labour market.
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