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In [[economics]], '''monopsonistic competition''' describes a demand-side [[market structure]] characterized by a relatively large number of buyers with similar (though not identical) [[tastes]].
In [[economics]], '''monopsonistic competition''' describes a demand-side [[market structure]] characterized by a relatively large number of buyers with similar (though not identical) [[tastes]].
The supply-side equivalent of monopsonistic competition is [[monopolistic competition]], in which a market is dominated by a relatively large number of sellers who produce differentiated products. Firms who operate in a monopolistically competitive way in an ouput [[market]] tend to operate in a monopsonistically competitive way in input or [[factor markets]].
The supply-side equivalent of monopsonistic competition is [[monopolistic competition]], in which a market is dominated by a relatively large number of sellers who produce differentiated products. Firms who operate in a monopolistically competitive way in an output [[market]] tend to operate in a monopsonistically competitive way in input or [[factor markets]].
[[Category:Economics]]
[[Category:Economics]]