Sentence:  It appears to follow that employment, far from falling, may be raised by an adroitly contrived legal minimum wage or collective agreement. Indeed, this proposition is an important one in the theory of both wage regulation and trade unionism. Its applicability is sometimes limited, however, even when <WSD>monopsony</WSD> is significant, by the danger that the employer may be driven out of business completely, as when, because of his own irremediable inefficiency or other objective disadvantages, <WSD>monopsony</WSD> profit achieved at his workers' expense is the differential between hanging on and outright failure. 
Meaning of the word marked with <WSD> tags:  A market situation in which there is only one buyer for a product; also, such a buyer. (from 1930s)