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What market structure exists in its labour market?","back":"Monopsony.","mcqOptions":[{"text":"Monopsony.","correct":true,"explanation":"A monopsony exists where a single employer, or overwhelmingly dominant employer, buys labour in a local market. This gives the employer power to influence the wage offered."},{"text":"Monopoly.","correct":false,"explanation":"Monopoly describes a single seller in a product market, whereas this employer is buying labour. The correct structure is monopsony because there is one dominant purchaser of workers' services."},{"text":"Oligopsony.","correct":false,"explanation":"Oligopsony involves a small number of significant buyers competing for sellers. With only one large employer purchasing labour, the labour market is a monopsony."},{"text":"Perfect competition.","correct":false,"explanation":"Perfectly competitive labour markets contain many employers and workers, with no individual firm influencing wages. One dominant local employer instead creates monopsony power."}]},{"id":"29a4858e-6c69-487d-b916-6a07e1bae90e","cardType":"basic","points":1,"front":"What feature gives a market monopsony power?","back":"A single or dominant buyer.","mcqOptions":[{"text":"A single or dominant buyer.","correct":true,"explanation":"Monopsony power arises when one buyer, or a buyer large relative to alternatives, purchases from sellers. It can then reduce the price paid, including the wage paid for labour."},{"text":"A single or dominant seller.","correct":false,"explanation":"A dominant seller creates monopoly power in a product market, not monopsony power. Monopsony requires a single or dominant buyer able to influence the price paid."},{"text":"A large number of buyers.","correct":false,"explanation":"Many buyers compete against one another to purchase from sellers, which limits each buyer's power. Monopsony power instead depends on a single or dominant buyer."},{"text":"A large number of sellers.","correct":false,"explanation":"Many sellers alone do not create monopsony power; the crucial condition concerns the buying side. A single or dominant buyer must face sellers with limited alternative purchasers."}]},{"id":"b1130f9e-b3a0-44c8-ac20-f01c397f9025","cardType":"cloze","points":null,"front":"Monopsony power is stronger when sellers have [ ].","back":"Monopsony power is stronger when sellers have limited alternatives.","mcqOptions":[{"text":"limited alternatives","correct":true,"explanation":"Sellers are less able to take their labour or goods elsewhere when alternatives are limited. This weakens their bargaining position and lets the buyer exercise greater monopsony power."},{"text":"perfect information","correct":false,"explanation":"Perfect information helps sellers identify and move to better buyers, strengthening competition for their supply. Monopsony power is stronger when sellers have limited alternatives instead."},{"text":"highly transferable skills","correct":false,"explanation":"Highly transferable skills allow workers to apply to many employers and make labour supply more responsive. Monopsony is stronger when workers have limited alternatives."},{"text":"many competing employers","correct":false,"explanation":"Many competing employers give sellers more potential buyers and constrain any one firm's wage-setting power. Stronger monopsony power requires sellers to have limited alternatives."}]},{"id":"d617d2ce-ff71-4e22-be73-4aa3d79f95da","cardType":"basic","points":2,"front":"Why does geographical immobility increase an employer's monopsony power?","back":"Workers cannot easily switch employer.","mcqOptions":[{"text":"Workers cannot easily switch employer.","correct":true,"explanation":"Geographical immobility makes moving location costly or impractical, so workers cannot readily seek work elsewhere. Their limited ability to switch employer gives the local employer greater monopsony power."},{"text":"Workers cannot easily negotiate wages.","correct":false,"explanation":"Weak wage negotiation may affect pay, but geographical immobility specifically restricts workers' ability to move between jobs in different places. It therefore prevents them from easily switching employer."},{"text":"Workers cannot easily increase productivity.","correct":false,"explanation":"Productivity depends on skills, capital and work organisation, rather than the ability to relocate geographically. Immobility increases monopsony power because workers cannot easily switch employer."},{"text":"Workers cannot easily join a union.","correct":false,"explanation":"Union membership concerns collective bargaining and is not the direct consequence of distance from alternative jobs. Geographical immobility prevents workers from easily switching employer."}]},{"id":"5d567ca5-49e7-4025-96c2-2f362079cc9a","cardType":"basic","points":2,"front":"Why may the NHS have monopsony power over nurses?","back":"Nurses have few alternative buyers for their skills.","mcqOptions":[{"text":"Nurses have few alternative buyers for their skills.","correct":true,"explanation":"Where the NHS is the main local purchaser of nursing labour, nurses have limited alternative employers for their specialist skills. This weakens their outside options and gives the NHS monopsony power."},{"text":"Nurses have many alternative buyers for their skills.","correct":false,"explanation":"Many alternative employers would force the NHS to compete more strongly for nurses and would reduce its wage-setting power. Monopsony arises because nurses have few alternative buyers."},{"text":"Nurses have no demand from buyers for their skills.","correct":false,"explanation":"The NHS employs nurses precisely because there is demand for their skills. Its potential monopsony power comes from being one of few alternative buyers, rather than an absence of demand."},{"text":"Nurses have perfectly elastic supply for their skills.","correct":false,"explanation":"Perfectly elastic labour supply would mean nurses can be hired at a fixed wage without the NHS influencing pay. Monopsony power is more likely when nurses have few alternative buyers."}]},{"id":"130dbcba-81a1-415e-9abd-3177c440d734","cardType":"cloze","points":null,"front":"The marginal cost of labour is the addition to [ ] from hiring one more worker.","back":"The marginal cost of labour is the addition to total labour cost from hiring one more worker.","mcqOptions":[{"text":"total labour cost","correct":true,"explanation":"Marginal cost of labour measures how much the firm's total spending on labour rises when it employs one additional worker. It includes any higher pay that must also go to existing workers."},{"text":"total revenue","correct":false,"explanation":"The addition to total revenue from another worker is related to marginal revenue product, not marginal cost of labour. MCL is the addition to total labour cost."},{"text":"total output","correct":false,"explanation":"The extra output produced by another worker is marginal product of labour. Marginal cost of labour instead measures the addition to total labour cost."},{"text":"total profit","correct":false,"explanation":"Profit changes with both revenue and costs, so it is not a measure of a labour cost alone. MCL specifically records the addition to total labour cost."}]},{"id":"e6356325-0f7e-48c9-bf7c-80757c1ab147","cardType":"basic","points":2,"front":"Why does a monopsonist face an upward-sloping labour supply curve?","back":"It must offer a higher wage to attract more workers.","mcqOptions":[{"text":"It must offer a higher wage to attract more workers.","correct":true,"explanation":"A monopsonist faces the market labour supply curve, so expanding employment requires attracting workers who would not work at the existing wage. It must therefore offer a higher wage."},{"text":"It must offer a lower wage to attract more workers.","correct":false,"explanation":"Lower pay generally reduces the quantity of labour workers are willing to supply, rather than attracting additional workers. To expand employment, a monopsonist must offer a higher wage."},{"text":"It must offer a higher price to attract more workers.","correct":false,"explanation":"Price is the payment received for a product, while workers supply labour in return for wages. The upward-sloping labour supply curve requires a higher wage to attract more workers."},{"text":"It must offer a lower price to attract more workers.","correct":false,"explanation":"This confuses the labour market with a product market and reverses the supply response. A monopsonist must raise the wage to induce more workers to supply labour."}]},{"id":"ea417db1-ceb2-4468-a093-87b915f23079","cardType":"basic","points":2,"front":"Why does marginal cost of labour exceed the wage of the extra worker?","back":"The higher wage must also be paid to existing workers.","mcqOptions":[{"text":"The higher wage must also be paid to existing workers.","correct":true,"explanation":"To recruit an additional worker, the monopsonist raises the wage on its upward-sloping labour supply curve. That higher wage applies to existing workers as well, making MCL exceed the extra worker's wage."},{"text":"The higher wage must also be paid to new workers.","correct":false,"explanation":"Paying the new worker their wage is already included in the wage of the extra worker. MCL exceeds that wage because the higher rate must also be paid to existing workers."},{"text":"The higher wage must also be paid to shareholders.","correct":false,"explanation":"Shareholders receive dividends from profits, not the wage paid for supplying labour. Marginal labour cost is higher because an increased wage must also be paid to existing workers."},{"text":"The higher wage must also be paid to customers.","correct":false,"explanation":"Customers pay the firm for its output; they are not paid wages by the employer. MCL exceeds the new worker's wage because existing workers also receive the higher wage."}]},{"id":"0ab8f65c-1852-40d9-89c6-e676c4ca9dc0","cardType":"cloze","points":null,"front":"A monopsonist's MCL curve lies [ ] and is steeper than its labour supply curve.","back":"A monopsonist's MCL curve lies above and is steeper than its labour supply curve.","mcqOptions":[{"text":"above","correct":true,"explanation":"Recruiting more labour requires a higher wage, which raises pay for current workers as well as the additional worker. This makes marginal cost of labour lie above the labour supply curve."},{"text":"below","correct":false,"explanation":"This treats marginal labour cost as only the wage paid to the additional worker. Because a wage increase also raises pay for existing workers, MCL lies above the supply curve."},{"text":"on","correct":false,"explanation":"MCL would coincide with labour supply only if hiring another worker did not change the wage paid to current workers. Under monopsony, MCL lies above the supply curve."},{"text":"parallel to","correct":false,"explanation":"The gap between MCL and labour supply reflects the increasing wage bill paid to existing workers and changes as employment rises. MCL lies above and is steeper than the supply curve."}]},{"id":"52eb2a3e-6942-4fed-a424-b840e3139cfe","cardType":"cloze","points":null,"front":"A monopsonist's MCL curve lies above and is [ ] its labour supply curve.","back":"A monopsonist's MCL curve lies above and is steeper than its labour supply curve.","mcqOptions":[{"text":"steeper than","correct":true,"explanation":"As employment rises, the wage increase is paid to both the marginal worker and existing workers. This causes marginal labour cost to rise faster than wage, making MCL steeper than labour supply."},{"text":"flatter than","correct":false,"explanation":"A flatter MCL would understate the growing cost of paying a higher wage to all workers. Since this cost increases as employment expands, MCL is steeper than labour supply."},{"text":"parallel to","correct":false,"explanation":"Parallel curves would have equal gradients, ignoring the extra wage payments received by existing employees. In monopsony, MCL rises more quickly and is steeper than labour supply."},{"text":"identical to","correct":false,"explanation":"MCL is not simply the wage curve because the employer must raise pay for current employees when recruiting more labour. It lies above and is steeper than labour supply."}]},{"id":"5265ebe7-75aa-42ca-9e0a-617c7fddfa0d","cardType":"basic","points":1,"front":"Where does a profit-maximising monopsonist set employment?","back":"Where $MC_L = MRP$.","mcqOptions":[{"text":"Where $MC_L = MRP$.","correct":true,"explanation":"Profit is maximised where the cost of employing one more worker equals the revenue that worker generates. For a monopsonist, this occurs where marginal cost of labour equals marginal revenue product."},{"text":"Where $W = MRP$.","correct":false,"explanation":"Equating wage with MRP is the competitive firm's employment condition because its marginal labour cost equals the wage. A monopsonist instead sets employment where $MC_L = MRP$."},{"text":"Where $MC_L = W$.","correct":false,"explanation":"This equality would ignore the revenue earned from the additional worker and does not determine profit-maximising employment. The monopsonist hires until $MC_L = MRP$."},{"text":"Where $W = AR$.","correct":false,"explanation":"Average revenue concerns product-market revenue per unit sold and is unrelated to the monopsonist's hiring rule. Employment is set where marginal cost of labour equals marginal revenue product."}]},{"id":"cd5b344c-955f-4c0c-bb9e-5a83a56e2fd2","cardType":"basic","points":1,"front":"From which curve does a monopsonist read its wage?","back":"From the labour supply curve at the chosen employment level.","mcqOptions":[{"text":"From the labour supply curve at the chosen employment level.","correct":true,"explanation":"The $MC_L = MRP$ intersection determines the employment level, but MCL is not the wage paid. The monopsonist then reads across to the labour supply curve to find the wage."},{"text":"From the MCL curve at the chosen employment level.","correct":false,"explanation":"The MCL curve includes the increased wages paid to existing workers, so it is above the actual wage. After choosing employment, the wage is read from the labour supply curve."},{"text":"From the MRP curve at the chosen employment level.","correct":false,"explanation":"MRP shows the revenue generated by each additional worker and helps determine employment, not the wage paid. The wage is read from the labour supply curve."},{"text":"From the labour demand curve at the chosen employment level.","correct":false,"explanation":"Labour demand is represented by MRP and indicates the value of workers to the firm. In monopsony, the wage at chosen employment is obtained from the labour supply curve."}]},{"id":"e7d63332-51e3-435b-8336-68138010da18","cardType":"cloze","points":null,"front":"After setting employment where $\\text{[...]}$, the monopsonist reads the wage down to the supply curve.","back":"After setting employment where $\\boxed{MC_L = MRP}$, the monopsonist reads the wage down to the supply curve.","mcqOptions":[{"text":"$$MC_L = MRP$","correct":true,"explanation":"The monopsonist chooses the employment level where the marginal cost of another worker equals that worker's marginal revenue product. It then uses the supply curve to determine the associated wage."},{"text":"$$W = MRP$","correct":false,"explanation":"This is the employment condition for a wage-taking competitive employer, where marginal labour cost equals the wage. A monopsonist faces rising MCL and sets employment where $MC_L = MRP$."},{"text":"$$MC_L = W$","correct":false,"explanation":"Equating marginal labour cost with wage omits the revenue gained from hiring an extra worker, so it cannot maximise profit. The relevant condition is $MC_L = MRP$."},{"text":"$$MRP = AR$","correct":false,"explanation":"Average revenue is a product-market concept and does not identify the optimal quantity of labour. A monopsonist hires until marginal cost of labour equals marginal revenue product."}]},{"id":"b992bbe3-ba36-4c5c-a7f6-43ea579724af","cardType":"cloze","points":null,"front":"After setting employment where $MC_L = MRP$, the monopsonist reads the wage down to the [ ].","back":"After setting employment where $MC_L = MRP$, the monopsonist reads the wage down to the supply curve.","mcqOptions":[{"text":"supply curve","correct":true,"explanation":"The MCL-MRP intersection gives the number of workers hired. At that employment level, the labour supply curve shows the wage the monopsonist must offer to secure those workers."},{"text":"MCL curve","correct":false,"explanation":"MCL exceeds the wage because it includes the higher payments made to existing workers after a wage rise. The actual wage is read from the supply curve."},{"text":"MRP curve","correct":false,"explanation":"MRP determines the value of the marginal worker and is used with MCL to choose employment. The wage paid at that employment is found on the supply curve."},{"text":"demand curve","correct":false,"explanation":"The labour demand curve reflects marginal revenue product, not the wage necessary to attract workers. Once employment is chosen, the employer reads the wage from the supply curve."}]},{"id":"7c78d7ff-6596-4f8b-bd4e-e7afb808040b","cardType":"basic","points":1,"front":"How does monopsony employment compare with competitive employment?","back":"It is below the competitive quantity.","mcqOptions":[{"text":"It is below the competitive quantity.","correct":true,"explanation":"Because MCL exceeds the wage, the monopsonist stops hiring where $MC_L = MRP$ before the competitive wage-MRP equilibrium. It therefore employs fewer workers than a competitive labour market."},{"text":"It is above the competitive quantity.","correct":false,"explanation":"This assumes the monopsonist hires until wage equals MRP, as a competitive employer would. Since MCL is above wage, it hires below the competitive quantity."},{"text":"It is equal to the competitive quantity.","correct":false,"explanation":"Equal employment would require the monopsonist and competitive employer to use the same hiring condition. Monopsony uses $MC_L = MRP$, producing employment below the competitive quantity."},{"text":"It is unrelated to competitive quantity.","correct":false,"explanation":"Competitive employment provides the benchmark where wage equals MRP. The monopsonist's higher marginal labour cost makes it employ a quantity below that competitive level."}]},{"id":"b2f68eeb-524f-4187-9dc3-b996770612e6","cardType":"basic","points":1,"front":"How does the monopsony wage compare with the competitive wage?","back":"It is below the competitive wage.","mcqOptions":[{"text":"It is below the competitive wage.","correct":true,"explanation":"The monopsonist restricts employment and then pays the wage shown on labour supply at that lower quantity. This wage is below the competitive equilibrium wage, where labour demand and supply meet."},{"text":"It is above the competitive wage.","correct":false,"explanation":"This confuses monopsony with strong competition between employers for workers. A monopsonist restricts hiring and pays a wage below the competitive wage."},{"text":"It is equal to the competitive wage.","correct":false,"explanation":"The competitive wage occurs where labour supply and demand intersect. A monopsonist's market power allows it to choose lower employment and pay below that wage."},{"text":"It is unrelated to competitive wage.","correct":false,"explanation":"The competitive wage is the relevant benchmark for assessing monopsony outcomes. By facing an upward-sloping labour supply curve, the monopsonist pays below the competitive wage."}]},{"id":"2497f7e6-030d-422a-8d1c-b1ad297ac3ea","cardType":"basic","points":1,"front":"What is shown on the vertical axis of a monopsony labour-market diagram?","back":"Wage rate.","mcqOptions":[{"text":"Wage rate.","correct":true,"explanation":"The vertical axis measures the price of labour, expressed as the wage rate. It is used to plot the labour supply, average cost and marginal labour cost curves."},{"text":"Quantity of labour.","correct":false,"explanation":"Quantity of labour is measured on the horizontal axis, not the vertical axis. The vertical axis shows the wage rate paid for each unit of labour."},{"text":"Total labour cost.","correct":false,"explanation":"Total labour cost is calculated from wages and employment but is not shown on this axis. The vertical axis represents the wage rate."},{"text":"Marginal revenue product.","correct":false,"explanation":"MRP is a curve plotted using monetary values on the vertical scale, but it is not the axis variable itself. The vertical axis is labelled wage rate."}]},{"id":"0665d43e-787a-4136-b38f-cfb49aa59c75","cardType":"basic","points":1,"front":"What is shown on the horizontal axis of a monopsony labour-market diagram?","back":"Quantity of labour.","mcqOptions":[{"text":"Quantity of labour.","correct":true,"explanation":"The horizontal axis measures the quantity of labour employed, allowing employment levels under monopsony and competition to be compared."},{"text":"Wage rate.","correct":false,"explanation":"The wage rate is shown on the vertical axis because it is the price of labour. The horizontal axis measures the quantity of labour."},{"text":"Total labour cost.","correct":false,"explanation":"Total labour cost is not the horizontal-axis variable in the standard diagram. The horizontal axis records the quantity of labour employed."},{"text":"Marginal labour cost.","correct":false,"explanation":"Marginal labour cost is represented by a curve rather than by the horizontal axis. The horizontal axis measures the quantity of labour."}]},{"id":"65ad18ea-7aba-4fd7-97a6-232829c66184","cardType":"basic","points":2,"front":"Total labour cost rises from $50$ to $66$ when the sixth worker is hired. Calculate the MCL.","back":"$16$: $(11 \\times 6) - (10 \\times 5)$.","mcqOptions":[{"text":"$16$: $(11 \\times 6) - (10 \\times 5)$.","correct":true,"explanation":"Marginal labour cost is the change in total labour cost from hiring one additional worker. Total cost rises from $50$ to $66$, so MCL is $66-50=$16$."},{"text":"$11$: $66 \\div 6$.","correct":false,"explanation":"Dividing total labour cost by six calculates the average wage, not the marginal labour cost. MCL is the change in total cost: $66-50=$16$."},{"text":"$6$: $66 - 50 - 10$.","correct":false,"explanation":"Subtracting the previous wage again wrongly removes a cost already included in the initial total. The relevant change is simply $66-50=$16$."},{"text":"$10$: $50 \\div 5$.","correct":false,"explanation":"Dividing $50$ by five gives the previous average wage, not the cost of hiring the sixth worker. MCL equals the $16$ increase in total labour cost."}]},{"id":"abc6ee40-3acf-4a57-9259-05131c9de252","cardType":"basic","points":1,"front":"What does the vertical gap between MRP and the monopsony wage at $Q_m$ represent?","back":"It shows the surplus extracted per worker.","mcqOptions":[{"text":"It shows the surplus extracted per worker.","correct":true,"explanation":"MRP measures the revenue generated by the marginal worker, while the monopsony wage is the payment received. Their vertical difference is the surplus extracted per worker."},{"text":"It shows the shortage of labour employed.","correct":false,"explanation":"A labour shortage or employment difference is measured horizontally between quantities, not vertically between monetary values. The vertical gap is the surplus extracted per worker."},{"text":"It shows the firm’s total wage bill.","correct":false,"explanation":"The total wage bill requires multiplying the wage by the number of workers, so it is represented by an area. The vertical gap shows surplus extracted per worker."},{"text":"It shows the worker’s marginal labour cost.","correct":false,"explanation":"Marginal labour cost is represented by the MCL curve and concerns the employer’s extra cost. The gap between MRP and wage shows surplus extracted per worker."}]},{"id":"6d0afd82-67a6-4a70-b821-2d63df0d7ba2","cardType":"basic","points":2,"front":"Why does monopsony create allocative inefficiency in the labour market?","back":"Employment is below where MRP equals the supply wage.","mcqOptions":[{"text":"Employment is below where MRP equals the supply wage.","correct":true,"explanation":"Allocative efficiency requires labour to be employed until its marginal revenue product equals the wage needed to supply it. A monopsonist restricts employment below this competitive level."},{"text":"Employment is above where MRP equals the supply wage.","correct":false,"explanation":"A monopsonist restricts rather than expands employment because hiring extra workers raises marginal labour cost. Employment is below the level where MRP equals the supply wage."},{"text":"Employment is below where MCL equals the supply wage.","correct":false,"explanation":"Equating MCL with the supply wage does not define allocative efficiency. The efficient employment level occurs where workers’ MRP equals the wage required to supply their labour."},{"text":"Employment is below where MRP equals the monopsony wage.","correct":false,"explanation":"The monopsony wage is derived from the supply curve after employment is chosen and is below MRP. Efficiency instead requires MRP to equal the supply wage."}]},{"id":"5f5ff48b-67cc-4a73-8cee-57b7d59e9ed1","cardType":"basic","points":2,"front":"How may firms benefit from monopsony power?","back":"Lower wage costs increase profit and may fund investment.","mcqOptions":[{"text":"Lower wage costs increase profit and may fund investment.","correct":true,"explanation":"Monopsony power allows a firm to pay wages below workers’ marginal revenue product. This reduces production costs, potentially increasing profit and funds available for investment."},{"text":"Higher wage costs increase profit and may fund investment.","correct":false,"explanation":"Higher wage costs would normally reduce profit rather than increase it, other things equal. Monopsony benefits firms by enabling lower wage costs, which may fund investment."},{"text":"Lower labour productivity increases profit and may fund investment.","correct":false,"explanation":"Lower productivity reduces the output and revenue generated by workers, so it does not normally raise profit. The potential benefit comes from lower wage costs."},{"text":"Higher employment levels increase profit and may fund investment.","correct":false,"explanation":"Monopsonists typically restrict employment below the competitive level, and employing more workers does not automatically increase profit. Their advantage comes from paying lower wage costs."}]},{"id":"7f260c4f-48c7-48a3-b663-f821755a410f","cardType":"basic","points":2,"front":"How may consumers benefit from monopsony power?","back":"Lower costs may be passed on as lower prices.","mcqOptions":[{"text":"Lower costs may be passed on as lower prices.","correct":true,"explanation":"Monopsony power can reduce a firm’s wage or input costs. If some of these savings are passed to consumers, they benefit through lower product prices."},{"text":"Lower costs may be passed on as higher prices.","correct":false,"explanation":"Higher prices would not represent cost savings being passed on to consumers. The possible consumer benefit arises when lower costs result in lower prices."},{"text":"Lower costs may be passed on as lower wages.","correct":false,"explanation":"Lower wages are a cost saving for the firm and may harm workers, but they are not a direct consumer benefit. Consumers benefit if prices fall."},{"text":"Lower costs may be passed on as higher taxes.","correct":false,"explanation":"Taxes are set by the government rather than passed on by a monopsonist as a cost saving. Consumers may benefit when lower costs produce lower prices."}]},{"id":"9f90edc2-4b2c-4c98-9a84-5e10a918070f","cardType":"basic","points":2,"front":"How can monopsony power harm suppliers such as farmers?","back":"A dominant buyer can force suppliers to accept lower prices.","mcqOptions":[{"text":"A dominant buyer can force suppliers to accept lower prices.","correct":true,"explanation":"When suppliers have few alternative purchasers, a dominant buyer can use its bargaining power to push their selling prices down, reducing suppliers’ revenue and profit."},{"text":"A dominant buyer can force suppliers to accept higher prices.","correct":false,"explanation":"A buyer with monopsony power seeks to reduce the price it pays, not raise it. Suppliers may therefore be forced to accept lower prices."},{"text":"A dominant buyer can force suppliers to accept higher costs.","correct":false,"explanation":"Production costs may create pressure for farmers, but they are not directly set by the dominant purchaser. The monopsonist harms suppliers by forcing lower prices."},{"text":"A dominant buyer can force suppliers to accept larger profits.","correct":false,"explanation":"Greater profits would benefit rather than harm suppliers and cannot be imposed as a purchasing condition. Monopsony power instead forces suppliers to accept lower prices."}]},{"id":"339220af-d655-45f5-a872-a914af1c8a9b","cardType":"basic","points":2,"front":"How can monopsony counteract a strong trade union or monopoly supplier?","back":"It can offset their market power, moving the outcome towards competition.","mcqOptions":[{"text":"It can offset their market power, moving the outcome towards competition.","correct":true,"explanation":"Buyer power can counterbalance the seller power of a trade union or monopoly supplier. This bilateral bargaining may produce a price and quantity closer to the competitive outcome."},{"text":"It can reinforce their market power, moving the outcome towards competition.","correct":false,"explanation":"Reinforcing seller power would move the market further from competition rather than towards it. Monopsony may improve the outcome by offsetting the opposing side’s market power."},{"text":"It can eliminate their market power, moving the outcome towards competition.","correct":false,"explanation":"Monopsony does not necessarily remove the union’s or supplier’s power; both sides may retain bargaining strength. It can offset their market power and move outcomes towards competition."},{"text":"It can ignore their market power, moving the outcome towards competition.","correct":false,"explanation":"A strong union or monopoly supplier cannot simply be ignored because it influences wages or input prices. Opposing buyer power may instead offset its market power."}]},{"id":"0eaaaf5e-b53f-4081-baf9-a1a0a32dd1ba","cardType":"basic","points":2,"front":"What can happen when a monopsonist faces a binding minimum wage?","back":"Both wages and employment can rise.","mcqOptions":[{"text":"Both wages and employment can rise.","correct":true,"explanation":"A moderate binding minimum wage can prevent the monopsonist from lowering wages by restricting hiring. It can therefore raise wages while reducing marginal hiring costs and increasing employment."},{"text":"Both wages and employment can fall.","correct":false,"explanation":"A binding minimum wage directly raises the wage rather than lowering it. In a monopsony, a suitably set minimum can also increase employment by limiting the firm’s wage-setting power."},{"text":"Both wages and employment remain unchanged.","correct":false,"explanation":"An unchanged outcome describes a non-binding minimum below the existing wage. A binding minimum changes the wage and can raise employment in a monopsonistic labour market."},{"text":"Both wages can fall and employment can rise.","correct":false,"explanation":"A binding minimum wage cannot cause the legal wage paid to fall below the previous monopsony wage. It can raise both wages and employment when set appropriately."}]}]}],"examCountdown":{"examDate":"2027-05-10","paperLabel":"Paper 1"},"heading":"3.4.6 Monopsony","title":"3.4.6 Monopsony Flashcards","topbar":{"backHref":"/a-level/economics/edexcel/a/flashcards"},"topicSidebar":"$L38"}]}],"topicId":"d8016b50-3318-5be8-b392-c871aa17f4c4","walled":"$L39"}],"$L3a","$L3b"]