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Labor supply to firms: Perfect competitive and Monopsony
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In this video we will learn about Labor supply to firms: Perfect competitive and Monopsony. In the perfect competitive labor market firms are wage takers and they dont have control over wages. Wage rates are determined by the market and "announced" to each individual market participant including workers and firms. But, in monopsony labor market, firms have control over market and they dominate the labor market. Hence, they are "wage maker" not "wage taker".
If you didnt watch previous video related to labor supply here is the link for:
The supply of labor to entire market:
00:00 Introduction
00:33 Labor supply to firms operating in perfect competitive labor market
02:43 Labor supply to firms operating in monopsony labor market
04:47 Conclusion
If you didnt watch previous video related to labor supply here is the link for:
The supply of labor to entire market:
00:00 Introduction
00:33 Labor supply to firms operating in perfect competitive labor market
02:43 Labor supply to firms operating in monopsony labor market
04:47 Conclusion
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