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Economics

Study Notes

Monopsony in the Labour Market (Labour Markets)

Level:
A Level, IB
Board:
AQA, Edexcel, OCR, IB, Eduqas, WJEC

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.

Median full time gross weekly pay of the lowest paid occupations in the United Kingdom (UK) as of April 2016

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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