In this type of market, a setting minimum price above the price wage increases both the price and quantity consumes, even though normal competative conditions would predict a fall in the latter quantity. This type of market is exceedingly rare in the developed world due to commuting and the ability to choose employers, but it used to be common for labor, in which case it also almost always involved a union. This type of market for labor was exemplified by company towns, in which all available jobs were controlled by a single firm. For ten points, name this type of market in which there is a single buyer.
In this type of market, a setting minimum price above the price wage increases both the price and quantity consumes, even though normal competative conditions would predict a fall in the latter quantity. This type of market is exceedingly rare in the developed world due to commuting and the ability to choose employers, but it used to be common for labor, in which case it also almost always involved a union. This type of market for labor was exemplified by company towns, in which all available jobs were controlled by a single firm. For ten points, name this type of market in which there is a single buyer.
In this type of market, a setting minimum price above the price wage increases both the price and quantity consumes, even though normal competative conditions would predict a fall in the latter quantity.
{monopsony}