Monopsony refers to a market structure where there is only one buyer of a good or service. In the context of labor markets, a monopsony occurs when there is only one employer in a particular geographic area or industry, giving them significant power to set wages and working conditions. Research has shown that the existence of monopsonies can lead to lower wages and reduced job opportunities for workers. For example, a study by the National Bureau of Economic Research found that in industries with high levels of concentration, workers earn lower wages and are less likely to receive benefits such as health insurance.
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