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4 Cards in this Set
- Front
- Back
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Pure Monopsony |
When there is a sole buyer of a good in an industry |
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Monopsony power |
Large market share buying homogenous goods from small suppliers |
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2 benefits of a monopsony |
-lower costs due to ability to exploit suppliers - lower prices for public |
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3 drawbacks of monopsony power |
-supplier provides lower quality good to meet low price -less investment in suppliers due to decreased profit -less supply |
