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Trade Unions in a Monopsony Labour Market

Level:: A-Level, IB

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

Last updated 13 Apr 2019

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In this revision video we consider the theory of wage-setting with a monopsony employer and the possible impact that a trade union might have on wages and employment. We also look at efficiency wage theory and mutual gains from pay bargaining between stakeholders.