In return for the continued monopsony of labour purchase for the mines that kept wages low and outlawed trade unions, the English-speaking mining companies tolerated job reservation that prevented blacks from developing skills.
42.
A monopoly is distinguished from a monopsony, in which there is only one " buyer " of a product or service; a monopoly may also have monopsony control of a sector of a market.
43.
A monopoly is distinguished from a monopsony, in which there is only one " buyer " of a product or service; a monopoly may also have monopsony control of a sector of a market.
44.
The idea of " monopsony, " proposed by Cambridge economist Joan Robinson in 1933, that a single buyer could out-power the market of multiple sellers, became a strong anti-chain rhetorical device.
45.
Moreno wrote " The Representation of the Landowners ", a report that represented the export interest of the landowners, encouraged free trade, and condemned the privileges of the merchants benefited from the monopsony.
46.
This monopsony could be a result of intentional collusion between employers, or naturalistic factors such as marginal expenditures to yield the intersection with the supply curve resulting in a wage rate lower than would be the case under competition.
47.
Monopolies, monopsonies and oligopolies are all situations in which one or a few entities have market power and therefore interact with their customers ( monopoly or oligopoly ), or suppliers ( monopsony ) in ways that distort the market.
48.
Monopolies, monopsonies and oligopolies are all situations in which one or a few entities have market power and therefore interact with their customers ( monopoly or oligopoly ), or suppliers ( monopsony ) in ways that distort the market.
49.
Such job characteristics can include distance from work, type of work, location, the social environment at work, etc . If different workers have different preferences, employers have local monopsony power over workers that strongly prefer working for them.
50.
In an influential 1932 essay, Lionel Robbins defined economics as " the science which studies human behavior as a relationship between ends and scarce means which have alternative uses . " In cases of monopoly or monopsony an artificial scarcity can be created.
