Discuss on Labor Demand and Supply in Monopsony

Principle purpose of this article is to Discuss on Labor Demand and Supply in Monopsony. This article focus on Labor Demand in terms of economy. A labor market during which there is only one particular firm demanding labor is termed a monopsony. The single firm in the market is referred to as the monopsonist. An example of a monopsony is the only firm in some sort of “company town, ” the place that the workers all work to the single firm. Here also briefly discuss on Wage‐searching behavior, market demand for labor, market supply of labor and marginal cost of hiring.