Identify the person who originated the idea of " monopsony" and explain clearly her idea. Give atleast one example of monopsony.© BrainMass Inc. brainmass.com October 9, 2019, 10:42 pm ad1c9bdddf
Joan Robinson (1903-1983) originated the idea of monopsony. At the time while other economists were emphasizing on monopoly power of sellers, She developed the model for a single buyer in the field of imperfect competition.
She explained how a single hirer of labor could pay a lower-than-competitive-wage and still attract the profit-maximizing quantity of labor. In ...
Solution identifies the person who originated the idea of monopsony and explains about her idea with suitable idea.