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Monopsony and the effects of an externally imposed minimum wage.

Опубликовано на портале: 11-09-2003
Southern Economic Journal. 1974.  Vol. 41. No. 2. P. 283-287. 
This paper rigorously examines within the mathematical model of monopsony the effect upon cost, output, and input usage of a minimum wage imposed upon the monopsonized factor of production.


This paper has extended the standard textbook analysis of monopsony and minimum wage to the general case in which ail factors are variable. The investigation confirms the simple graphical result previously obtained: despite the potential counter effects of displacements in other markets (factor or commodity), a minimum wage imposed upon a monopsonized factor must increase the usage of that factor. The minimum wage will also have an effect upon output and therefore cost. One contribution of the paper is to show that equilibrium profit-maximizing output will decline unless the monopsonized factor is inferior. In the latter case, equilibrium output will increase. In most cases, the results have confirmed the standard analysis. A primary result has been the isolation of the forces that affect the magnitude of the changes.

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