👉 Monopsony is a concept in economics that refers to the practice of hiring only one worker at a time. This means that employers are not allowed to hire more than one person for any given job, and therefore, they must be able to find as many people willing to work for them as possible. Monopsony can occur in various industries, including manufacturing, construction, and agriculture. In these cases, the employer is the only source of labor available, and employers are incentivized to
