Examples Of Monopsony
Monopsony: A Buyer’s Monopoly (a single buyer in a market)
Single company that hires un-organized workers, owns the businesses in the community, owns the housing the workers live in, hires the clerks and workers and all personnel is a monopsonist
Workers are immobile
They have strong family ties to the area
Or, in the sense that if workers sought alternative employment, they would have to acquire new skills
An example of monopsony is the market for college athletes. According to Boar et al (n.d.). These players are clearly employees in all but name, but the National Collegiate Athletic Association strictly limits the amounts that athletes at member colleges and universities can receive.
The value of the output of top college football players
Single company that hires un-organized workers, owns the businesses in the community, owns the housing the workers live in, hires the clerks and workers and all personnel is a monopsonist
Workers are immobile
They have strong family ties to the area
Or, in the sense that if workers sought alternative employment, they would have to acquire new skills
An example of monopsony is the market for college athletes. According to Boar et al (n.d.). These players are clearly employees in all but name, but the National Collegiate Athletic Association strictly limits the amounts that athletes at member colleges and universities can receive.
The value of the output of top college football players