Jeffrey L. Harrison - Böcker

This appealing text for the Law and Economics course features:An engaging approach that stresses student comprehensionNumerous cases based on court decisionsExtensive coverage of important and timely topics such as the Coase theorem, intellectual property, and behavioral economicsLaw and Economics in Action boxes that heighten student interestShort chapters to allow maximum flexibility for the instructor

Most readers are familiar with the concept of a monopoly. A monopolist is the only seller of a good or service for which there are not good substitutes. Economists and policy makers are concerned about monopolies because they lead to higher prices and lower output. The topic of this book is monopsony, the economic condition in which there is one buyer of a good or service. It is a common misunderstanding that if monopolists raise prices, then monopsonists must lower them. It is true that a monopsonist may force sellers to sell to them at lower prices, but this does not mean consumers are better off as a result. This book explains why monopsonists can be harmful and the way law has developed to respond to these harms.