Purchase Solution

Idea of Monopsony

Not what you're looking for?

Ask Custom Question

Identify the person who originated the idea of " monopsony" and explain clearly her idea. Give atleast one example of monopsony.

Purchase this Solution

Solution Summary

Solution identifies the person who originated the idea of monopsony and explains about her idea with suitable idea.

Solution Preview

Solution:

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 provided by:
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
Recent Feedback
  • "Thank you"
  • "Really great step by step solution"
  • "I had tried another service before Brain Mass and they pale in comparison. This was perfect."
  • "Thanks Again! This is totally a great service!"
  • "Thank you so much for your help!"
Purchase this Solution


Free BrainMass Quizzes
Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.