How do unions help to combat monopsony wages?

Question

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The Answer is In the absence of a players' union, leagues pay their players a monoposony wage which is below the competitive wage. Professional sports leagues such as the NBA can do this because they are one among a few employers for professional basketball players. Unionization turns the many players who compete against each other as sellers of player talent into a single entity. The situation becomes one where a single buyer (the league) faces a single seller (the players union). Such a situation is called a bilateral monopoly with the wage being determined between the monopsony wage and the union wage. The exact wage and working conditions will depend on the negotiating power of both sides.

How Do Unions Help to Combat Monopsony Wages