In 1933 in her book " The Economics of Imperfect Competition ", Robinson coined the term " monopsony, " which is used to describe the buyer converse of a seller monopoly.
32.
Firms under imperfect competition have the potential to be " price makers ", which means that, by holding a disproportionately high share of market power, they can influence the prices of their products.
33.
The next step beyond domestic labour markets ( within countries ) is the global labour market ( between countries ), in which all workers on Earth compete with each other, albeit via imperfect competition.
34.
Specifically, New Keynesian economics was developed as a response to new classical economics, electing to incorporate the insight of rational expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages.
35.
Most economic textbooks follow the practice of carefully explaining the " perfect competition " model, mainly because this helps to understand " departures " from it ( the so-called " imperfect competition " models ).
36.
The Microsoft case showcased recent economic scholarship on imperfect competition, which uses mathematical game theory to understand the strategies companies might pursue to gain advantage in markets that depart from the abstract notion of perfect competition.
37.
In 1985 George Akerlof ( 1940 ) and his economist wife Janet Yellen ( 1946 ) published menu costs arguments showing that, under imperfect competition, small deviations from rationality generate significant ( in welfare terms ) price stickiness.
38.
The greater the degree of imperfect competition in the output market, the lower the real wage and hence the more the reduction falls on leisure ( i . e . households work more ) and less on consumption.
39.
The number of banks could decline as competitive pressure grows, though the report said this wasn't a bad thing, with several countries having excess capacity, the result of " imperfect competition and / or regulation in the past ."
40.
In particular, New Keynesians assume that there is imperfect competition in price and wage setting to help explain why prices and wages can become " sticky ", which means they do not adjust instantaneously to changes in economic conditions.
