Supply Curve: The supply curve shows the relationship between the price of a good or service and the quantity that producers are willing to sell. In a monopsony, the supply curve would be influenced by the buyer's power to set prices.
Market Power: Market power refers to an entity's ability to influence market conditions, such as setting prices or controlling quantities. In a monopsony, the buyer has significant market power due to being the sole purchaser.
Wage Discrimination: Wage discrimination occurs when workers are paid different wages for performing similar jobs based on factors like gender, race, or age. In a monopsonistic labor market, employers may have more leverage to pay lower wages due to their monopoly-like position as buyers of labor.