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    Idea of Monopsony

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

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    https://brainmass.com/economics/perfect-competition/idea-monopsony-229173

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    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 Summary

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

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