Difference between revisions of "Monopsonistic competition"
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(Created page with 'In economics, '''monopsonistic competition''' describes a demand-side market structure characterized by a relatively large number of buyers with similar (though not identical...') |
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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 ouput [[market]] tend to operate in a monopsonistically competitive way in input or [[factor markets]]. | 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 ouput [[market]] tend to operate in a monopsonistically competitive way in input or [[factor markets]]. | ||
[[Category:Economics]] | [[Category:Economics]] | ||
Revision as of 04:15, May 24, 2009
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 ouput market tend to operate in a monopsonistically competitive way in input or factor markets.