Difference between revisions of "Monopsonistic competition"
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In [[economics]], '''monopsonistic competition''' describes a demand-side [[market structure]] characterized by a relatively large number of buyers with similar (though not identical) [[tastes]]. | In [[economics]], '''monopsonistic competition''' describes a demand-side [[market structure]] characterized by a relatively large number of buyers with similar (though not identical) [[tastes]]. | ||
| − | The supply-side equivalent of monopsonistic competition is [[monopolistic competition]], in which a market is dominated by a relatively large number of sellers who produce differentiated products. Firms who operate in a monopolistically competitive way in an | + | The supply-side equivalent of monopsonistic competition is [[monopolistic competition]], in which a market is dominated by a relatively large number of sellers who produce differentiated products. Firms who operate in a monopolistically competitive way in an output [[market]] tend to operate in a monopsonistically competitive way in input or [[factor markets]]. |
[[Category:Economics]] | [[Category:Economics]] | ||
Latest revision as of 12:27, July 28, 2016
In economics, monopsonistic competition describes a demand-side market structure characterized by a relatively large number of buyers with similar (though not identical) tastes.
The supply-side equivalent of monopsonistic competition is monopolistic competition, in which a market is dominated by a relatively large number of sellers who produce differentiated products. Firms who operate in a monopolistically competitive way in an output market tend to operate in a monopsonistically competitive way in input or factor markets.