307 Outcome: Competition and Wages

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.

LEARNING ACTIVITIES

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.

License

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Microeconomics by Lumen Learning is licensed under a Creative Commons Attribution 4.0 International License, except where otherwise noted.

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