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Cannon Mills used to be virtually the only employer in Kannapolis, North Carolina. What is the...

Cannon Mills used to be virtually the only employer in Kannapolis, North Carolina. What is the name for a single hirer of labor, and how do wages and the number of jobs available compare to a competitive labor market?

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Answer #1

It has been stated that Cannon Mills is the only employer in the Kannapolis, North Carolina.

This implies that in labor market in Kannapolis, North Carolina, there is only one buyer.

When in a labor market or factor market, there is a single buyer then such situation is referred to as monopsony.

Thus,

The name of the single hirer of labor is Monopsony.

In comparison to competitive labor market, monopsony pays lower wage and hires less number of workers.

Thus,

In case of single hirer of labor, the wages and the number of jobs available would be lower compare to a competitive labor market.

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