Market Structure (The Video Series) - Monopsony

in economics •  2 months ago


Hi Everyone,

Welcome to my sixth market structure video in the series. Today I am covering monopsony.

This video series is intended to supplement my written posts on market structures. Video offers an alternative way of viewing my content. Most of what is presented in the video is similar to the written posts; though some areas are given slightly more emphasis while other areas are given slightly less emphasis. Therefore, even if you have read the posts, the videos offer something a little different and should help bring the subject matter to life.

Quick Summary of the main points in the video

This video describes the monopsony market structure. The monopsony market structure has very few real life examples. Such examples include Government agencies, which are the sole buyers of particular products, the military are the sole buyers of particular weapons. The best example of monopsony is in the labour markets where there is just one employer for a particular area or one employer for a particular skill set.

The video also briefly describes how multi-national corporations use the monopsony market structure to exploit people in third world countries that have limited employment opportunities.

Monopsony has the following characteristics:

  • Just one buyer
  • Normally, many sellers
  • Very limited demand for the good or service being offered
  • The buyer has complete control over price or quantity unless regulated
  • Both price and quantity are below the allocative efficient price and quantity
  • Monopsony mostly applies to labour markets

I hope you enjoyed the video. My final video in this series will feature oligopsony. Most of the theory discussed in my monopsony video also applies to oligopsony. Therefore, the oligopsony video will contain minimal theory. The oligopsony video will focus on how the oligopsony market structure may apply to Steem content creators.

All of my written market structure posts can be accessed using the following links.

Introduction to market structure written post can be accessed using the following link.

MS1.jpg

Perfect competition written post can be accessed using the following link.

Perfect_THUMB.jpg

Monopolistic competition written post can be accessed using the following link.

MonopolisticTHUMB.jpg

Oligopoly written post can be accessed using the following link.

OligTHUMB.jpg

Monopoly written post can be accessed using the following link.

Mono_THUMB.jpg

Monopsony written post can be accessed using the following link.

MonopsTHUMB.jpg

Oligopsony written post can be accessed using the following link.

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You can also watch this video on YouTube using the following link.

Thanks for kind of market information

Posted using Partiko Android

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It is important to understand different market structures as they have different implications for price, quantity as well as distribution of wealth.

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Yes dear

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Always support me dear

Posted using Partiko Android

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Here, have this very small upvote. Does that make you feel happy?

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No prblm sit

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