Abstract: Monopsony is a market with one buyer many sellers, and no close substitute for the goods in question. It exist in both product and labour markets. A monopsony has buying or bargaining power in their market; this buying power means that a monopsony can exploit their bargaining power with a supplier to negotiate lower prices. It is often difficult to assess the strength of monopsony power, it depends on how the market is defined because if large enough, there will always be another buyer.
Keywords: Monopsony power, Product and Labor market in monopsony and one buyer many seller.
Title: A REVIEW OF MONOPSONY IN NIGERIA
Author: Idisi P. O., Ogwu I. J., Ogunkua N. D.
International Journal of Social Science and Humanities Research
ISSN 2348-3156 (Print), ISSN 2348-3164 (online)
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