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16 Dec 2021
Introduction
Whenever a company possesses market dominance in the use of productive assets, it is called a monopsony. For example labour, there will be only one purchaser and several suppliers in a monopsony. This generally refers to a monopsony employer — one who has a monopoly on the hiring of employees. This is akin to monopoly, where the first vendor sells to a large number of purchasers.
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