What you’ll learn to do: analyze how perfect/imperfect competition between buyers and sellers of factors can impact wages, interest, and rents
In this section, you learn about markets with only one buyer (instead of seller), known as a monopsony, and what happens to prices and wages when buyers and sellers negotiate through collective bargaining.
The learning activities for this section include the following:
- Reading: Monopsony
- Reading: Monopoly and Monopsony: A Comparison
- Reading: Monopsony and the Minimum Wage
- Reading: Price Setters on the Supply Side
- Simulation: Income Distribution
- Self Check: Competition and Wages
Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.