A labor union acts as a monopsony seller of labor.

Name: A labor union acts as a monopsony seller of labor.
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A labor union acts as a monopoly seller of labor, not a monopsony. A monopsony refers to a market condition where there is only one buyer. In the context of labor, a union represents workers (sellers of labor) collectively bargaining with employers (buyers of labor), thus acting as a single seller, or monopoly, of labor to an employer or group of employers.

A Labor Union Acts as a Monopsony Seller of Labor