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\nUnderstanding and Analyzing Monopsony Power in the Labor Market\n

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\nThis video is a lecture on the topic of monopsony power in the labor market. The speaker explains the concept of monopsony and how it impacts the labor market for both workers and employers. The speaker also compares a perfectly...\nThis video is a lecture on the topic of monopsony power in the labor market. The speaker explains the concept of monopsony and how it impacts the labor market for both workers and employers. The speaker also compares a perfectly competitive labor market to a monopsony labor market, showing how the latter results in lower wages and less employment. Finally, the speaker evaluates the potential solution of a minimum wage and its effectiveness in addressing the issue of monopsony power.\n
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Resource Details

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Curator Rating
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Educator Rating
Not yet Rated
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Media Length
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9:43
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Grade
12th - Higher Ed
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Subjects
Social Studies & History
3 more...
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Media Type
Instructional Videos
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Source:
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\nKnowMo Economics\n\n
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Date
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2018
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Additional Materials

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\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" href=\"/subscription/new\">Video Transcript\n
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Concepts

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economics, markets, power, demand, labor, work, employment
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Additional Tags

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a-level, lectures, micro, labour, 8.2a, monopsony, police services, coal mine, total cost, marginal cost, average cost, marginal revenue, supply curve, main employer, monopsony power, wage rate, minimum wage, monopsony buyer, labour market, higher wage, workers employed, market, higher, employer, wage, employed, monopoly, firms, village, people
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Classroom Considerations

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Best For: Explaining a topic
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\n\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: Understanding and Analyzing Monopsony Power in the Labor Market\" href=\"/subscription/new\">\"Understanding\n\n
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