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Instructional Video

Khan Academy: A Monopsonistic Market for Labor

Curated by ACT

When there is a single buyer of labor this type of market is called a monopsonistic labor market. Learn how this changes the analysis of labor markets and why marginal factor cost is higher than the supply of labor in such markets. [9:23]

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Concepts
revenue
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Additional Tags
khan academy, khan academy: a monopsonistic market for labor, factor markets, incremental revenue, labor market, labor supply curve, marginal factor cost, marginal revenue product, production factors, monopsony
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Classroom Considerations
  • Knovation Readability Score: 3 (1 low difficulty, 5 high difficulty)
  • The intended use for this resource is Instructional