## Human: Can you write a short introduction about the relevance of the term "monopsony" in economics? Please use examples related to potential monopsonies in the labour market and cite relevant research.


## Assistant: Sure! A monopsony is when there is only one buyer for something. In the labor market, this could be a company that is the only one hiring dogs. The company has a lot of power over the wages and working conditions of the dogs, because the dogs have nowhere else to go. The company can pay the dogs lower wages and give them worse working conditions, because the dogs have no choice.