Economy, asked by hargunsingh397, 5 months ago

basic features of a monopsony market

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Answered by ƬɦҽƊʋƙҽ

1

The three key characteristics of monopsony are:

(1) a single firm buying all output in a market,

(2) no alternative buyers.

(3) restrictions on entry into the industry. Single Buyer: First and foremost, a monopsony is a monopsony because it is the only buyer in the market.

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