13.2 - Monopsony Labor (2 of 2)

[rubenfonte]

My teacher told that, in monopsony, you can still increase the amount of labour if you increase the minimum wage from the equilibrium in Demand and Suply, to the new equilibrium of demand and MC of labour, and that does not happens in perfect competition.

[tazrockon]

I've studied finance and economics in school but for some reason I was having trouble understanding the economics behind minimum wage in monopsony labor markets. This video definitely helped! Thanks!

[BigUnitism]

whoever posted this, you probably saved my life. I am writing an exam in 5 hours now i rock at labour markets, cheers.

[pinkstrip91]

Thanks, im being home schooled and this has boosted my understanding of monopsony labour 100%

[Raaskill]

thanks richard. really helpful. its a lot easier to understand when the reasoning behind the lines on the diagrams are explained

[samcassellsucks]

thanks, very helpful :)