4. a) What is a monopsony market and why are they becoming increasingly rare? b) What...

4. a) What is a monopsony market and why are they becoming increasingly rare? b) What is one advantage and one disadvantage of union membership?

Expert Solution

Answer-A, Monopsony market is a type of market condition in which there is only one buyer, the monopsonist. It is a type of market condition where there is imperfect market conditions. In a monopsony, a large number of buyers control the market. Monopsony is becoming increasingly rare due to their purchasing power, they are able to influence the price they pay when it is compared with buyers in more competitive markets.

B, One advantage of union membership-

1. There is stability in the workforce which means there will be the assurance of a stable workforce, in case of any discrimination with any unionized employees than union will raise the voice of discriminated employee to the top level of the company management.

One disadvantage of union membership-

1.Loss of freedom is a disadvantage because if you are a member of an union than you have to follow the instructions of the Union authority weather its right for you or wrong for you.

Rahul Sunny answered 1 year ago

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