To prevent the abuse of power in a monopsony, various regulatory measures can be taken. Some options include:
1. Antitrust enforcement by competition authorities such as the Federal Trade Commission (FTC) or the European Commission to prevent the formation of monopsonies and promote competition in the labor market.
2. Labor market regulation by government agencies such as the Department of Labor to set minimum wages and working conditions.
3. Collective bargaining by workers through unions to negotiate better wages and working conditions.
4. Encouraging the formation of worker-owned cooperatives to increase worker bargaining power.
5. Promoting the development of alternative labor markets, such as online platforms, to increase competition and reduce the power of monopsonies.
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