Monopsony means:

Question

Monopsony means:

BlackTom AI · Accepted Answer

To tackle the question, let’s break down what ‘monopsony’ means and then evaluate each option against that definition.
Option A: 'One seller of an output.' This describes a monopsony in the output market? Not exactly. A single seller in the output market would be a monopoly (single seller). Monopsony specifically refers to a market with a single buyer, not a single seller, so this option misidentifies the market structure.
Option B: 'One buyer of an input.' This aligns with the standard definition of monopsony: a market in which there is only one buyer of a factor of production (input) and many sellers of that input. This single-buyer condition gives the buyer substantial market power over input prices and terms of employment, which is the core idea behind monopsony.
Option C: 'One ideal capital/labor ratio.' This describes an equimarginal or production-optimization idea but not the market structure. It conveys an optimal factor mix concept rather than identifying a monopsony market architecture.
Option D: 'The same thing as externality.' An externality is an unintended side effect (positive or negative) of an economic activity affecting third parties not directly involved in the transaction. It is unrelated to the definition of monopsony and confuses market power with spillover effects.
In summary, option B correctly captures the essence of monopsony as a market with a single buyer of an input, while options A, C, and D describe different concepts or mischaracterize the idea entirely.

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