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econ
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Identify the name of the person who originated the idea of "monopsony" and explain her idea?
Joan Robinson (1903-1983) developed the monopsony model. While others in the field of imperfect competition were focusing on the monopoly power of sellers, Robinson developed the model for a single buyer. She developed the graphical textbook model of how a single hirer of labor could pay a lower-than-competitive-wage and still attract the profit-maximizing quantity of labor.
As an economist, Robinson ...
Approximate word count: 422
Approximate pages: 2 (250 words per
double-spaced page) |
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