Why is a monopsony able to pay a lower wage rate, Microeconomics

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Why is a monopsony able to pay a lower wage rate

Problem

What is a monopsony and why is a monopsony able to pay a lower wage rate than a firm in a competitive labour market?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: Why is a monopsony able to pay a lower wage rate

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Microeconomics: Why is a monopsony able to pay a lower wage rate

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