Monopsony
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A monopsony is a market form with a single buyer and many sellers. It gives the sole buyer power to negotiate lower prices from sellers. Key characteristics of a monopsony include a single large buyer, barriers to entry for new buyers like licensing, and sellers lacking alternative buyers. Examples include government procurement, Indian Railways, and electricity generators. The buyer has pricing power and can dictate terms, paying lower prices than in a competitive market. The degree of monopsony power depends on how elastic or responsive the supply of the good is.
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Monopsony lesson
A monopsony is a market with a single buyer that gives the buyer power to control supply and depress prices of inputs. This contrasts with competitive buyers who take prices as given. Monopsony power allows businesses to control unit costs of inputs similarly to how monopolies control prices. Monopsony power in labor markets can occur when there is only one employer in a town or high unemployment increases costs of changing jobs. While rare today, minimum wages can paradoxically increase employment for a monopsonistic employer.
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The document discusses demand and supply analysis. It explains that demand is determined by factors like tastes, income, substitutes and complements. The demand curve shows the willingness to pay for different quantities. Supply is based on costs, including fixed and variable costs. In the short run firms base supply on marginal costs. In long run firms must recover all costs. Market equilibrium occurs where supply and demand intersect. Most markets have imperfect competition with few sellers and barriers to entry/exit.
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3:国家专业人才认证中心颁发入库证书
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June 20, 2024
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Monopsony
- 2. Monopsony •Single buyer faces many sellers •A form of imperfect competition •Buyer buys material with lower price •A monopsony has buying or bargaining power in their market.
- 3. CHARACTERISTICS • Single large buyer •Resource ownership •No alternative buyer •Barriers to entry
- 4. BARRIERS TO ENTRY • Government license or franchise • Resource ownership • Patents and Copyrights • Huge Start up cost
- 5. EXAMPLES •Government (in military procurement) •Indian Railways •Electricity generators
- 6. PRICING •Depends upon the terms dictated by the single large buyer to whom the goods or services is targeted at. •The buyer is the price maker
- 7. Elasticity of Market Supply If supply is highly elastic, monopsony power is small and there is little gain in being the only buyer.
- 8. DIFFERENCES BETWEEN MONOPOLY AND MONOPSONY MONOPOLY • One seller and many buyers. • High price output. •Seller is the price maker MONOPSONY • One buyer and many sellers. • Low price output. • Buyer is the price maker .
- 9. THANK YOU