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Lesson 23: Factor Market Equilibrium | Unit 4: Monopsony Page: 19 of 24

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In this unit, you should have learned about:
  • How buyers can have market control in factor markets like sellers have market control in output markets.
  • Monopsony control of a factor market by a single buyer in terms of limited substitutes and entry barriers and what this means for the factor supply curve and marginal factor cost.
  • How and why monopsony employs fewer resources and pays a lower wage than perfect competition.
  • Why monopsony is inefficient because it employs fewer resources and pays a lower wage than perfect competition.


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SELLERS' EXPECTATIONS, SUPPLY DETERMINANT

The expectations that sellers have concerning the future price of a good, which is assumed constant when a supply curve is constructed. If sellers expect a higher price, then supply decreases. If sellers expect a lower price, then supply increases. Sellers' expectations are one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, other prices, and number of sellers.

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