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A monopsony, as compared to a perfectly competitive firm, pays a lower wage and hires more labor.
A labor market that is perfectly competitive is one in which there are not enough large buyers or sellers to individually affect the market wage. Pay and employment levels are determined by the interaction of market supply (S) and demand (D). If there is just one employer in the labor market, there is a monopsony. A monopoly or a monopsony are both examples of imperfect competition in which one entity has the power to stifle what would otherwise be a free market governed by the laws of supply and demand. A market with just one buyer is called a monopsony. An oligopolist is a market that has a small number of buyers.
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