Weblinks 
                   
                   
                     q  http://dspace.princeton.edu/jspui/bitstream/88435/dsp01736664510/1/554.pdf 
                     q  http://www.hetsa.org.au/pdf/33-A-1.pdf 
                     q  http://courses.missouristate.edu/reedolsen/courses/eco165/Notes/resource.htm 
                     q  www.oswego.edu/~dighe/salary08.ppt 
                     q  www.swlearning.com/economics/wetzstein/wetzstein1e/ppt/ch17.ppt 
                                 
                         
                   
                   
                  Suggested Readings 
                   
                     q  Gould, John P., and Lazear, Edward P. Microeconomic Theory. Richard D. Irwin, Inc(2000), 
                         th
                        6  ed. 
        ECONOMICS                  PAPER No.: 5-Factor Pricing and Distribution 
                                   MODULE No. : 4: Pricing in Imperfect Factor Market (Monopsony) 
                                    
                    
                                                                                       
                                                               
                                                                                nd
                       q  Koutsoyiannis A., Modern Microeconomics. Macmillan (2003) 2  ed. (revised). 
                       q  Salvatore Dominick, Microeconomics Theory and Applications. Oxford University Press 
                                  th
                          (2003), 4 ed.  
                                       
                    
                    
                   Glossary 
                    
                    
                    
                    
                   A 
                    
                   Average expenditure on labour (AE ): It is the expenditure of hiring per unit of labour. 
                                                   L
                    
                                                                                                          
                   M 
        ECONOMICS                     PAPER No.: 5-Factor Pricing and Distribution 
                                      MODULE No. : 4: Pricing in Imperfect Factor Market (Monopsony) 
                                       
                    
                    
                   Marginal expenditure on capital (ME ): The extra expenditure or cost of hiring an additional unit 
                   of capital.                       K
                    
                   Marginal expenditure on labour (ME ): Themarginal expenditure on labour of a firm is defined as 
                                                     L
                   change in total expenditure of labour by the firm due to additional hiring of labour. 
                    
                   Marginal revenue product of labour(MRP ): The marginal product of labour multiplied by the 
                   marginal revenue of the product.       L
                    
                   Marginal product of capital(MP ): The change in total product due to per-unit change in the capital 
                   used.                        K
                    
                   Marginal product of labour (MP ): The change in total product due to per-unit change in the labour  
                   used.                         L
                    
                    
                   Monopoly: Single seller in the product market. 
                    
                   Monopolistic  exploitation:The excess  of an input’s  value  of  marginal  product  over  its  marginal 
                   revenue product for a given level of input us