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16 September, 11:50

When there is only one buyer of labor in a community, we talk of a?

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  1. 16 September, 14:22
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    Monopsony is the term you are looking for. I know of one such place: Trail British Columbia. If the smelter ever shut down, Trail would become a ghost town (or very nearly a ghost town) very quickly. Most small mining communities are Monopsonies. If the mine closes, then the people living there have to be resourceful enough to create another industry.
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