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Monopsony in the Labour Market (Labour Markets)
- Level:
- A Level, IB
- Board:
- AQA, Edexcel, OCR, IB, Eduqas, WJEC
Last updated 4 Jul 2018
Monopsony is a labour market structure in which there is a single powerful buyer of a particular type of labour. For example, the main buyer of the labour of doctors and nurses is the NHS or large employers such as Capita, G4S, Amazon and Sports Direct.
In April 2017, there were 342,000 employees aged 16 and over who were paid below the National Minimum Wage or National Living Wage.
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