299 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.


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.


Icon for the Creative Commons Attribution 4.0 International License

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

Share This Book