Question

How did Joan Robinsons work relate to how imperfect competition is taught today

Answer 1

robinsons coined the term monopsony which is used to describe the buyer converse to the seller monopoly. monopoly is commonly applied to buyers of labour has they have power to set labour wages and they did no give them thier wages according to their productivity that allow it to excercise pigouvian exploitation. monopsony also describe the discrimination of wages between male labours and female labours.

imperfect competition consisit of monopoly market , oligopoly market or monopolistic market

monopoly market exist where there is only single seller exist

oligopoly has very few sellers

monopolistic market where the seller enjoy his brand of monopoly as there are manny sellers of identical product