Whether looking at Mike Trout’s $430 million or a newly drafted player, we see athletes whose baseball salaries are called underpaid.
Why Mickey Mouse Worries About Monopsonies
No, we don’t mean monopoly. A monopoly is the single seller in a large or small geographic area. Monopsony, by contrast, indicates there is a single buyer. Where are we going? Whereas a monopoly has the power to charge too high a price, the amount…