In order to hire additional laborers, a monopsony must

Name: In order to hire additional laborers, a monopsony must
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In a monopsony market, there is only one buyer of labor, and therefore the labor supply curve is upward sloping. To hire additional laborers, the monopsony must raise the wage rate to incentivize more workers to supply their labor. Lowering the supply of labor or advertising for labor may not be effective, and doing nothing would not result in hiring additional laborers.

In Order to Hire Additional Laborers, a Monopsony Must