Monopsony and Imperfect Competition

This lecture explores the concept of monopsony, where a single buyer faces multiple sellers, leading to deviations from perfect competition. It delves into scenarios of monopsony in labor markets, analyzing wage rate determination, labor supply elasticity, and marginal cost of labor. The lecture also covers perfect competition, monopolistic exploitation of labor, and various market structures like duopoly and oligopoly. It discusses equilibrium conditions, profit maximization strategies, and the impact of different market structures on pricing and production decisions.