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Advantages and Disadvantages of Monopsony

Some of the Advantages and Disadvantages of Monopsony are as follows. So let us check it out some information on pros and cons of monopsony to know more about it.

Advantages of Monopsony are :

  1. Monopsony has buying or bargaining power in the market.
  2. In monopsony the reduced cost of purchasing inputs increases their profit margins.
  3. Monopsony dictate exact specification to suppliers.
  4. Don't have risks.
  5. Lower cost for almost all goods and services.
  6. Monopsony exists both in labour as wells as product markets.

Disadvantages of Monopsony are :

  1. In monopsony unequal distribution of goods and income is observed.
  2. Abnormal profits.
  3. Monopsony is a form of imperfect competition.

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Process Validation Types

Types of Process Validation: There are mainly four types of process validation. Following are some of the types of process validation so let us see all types one by one:

Prospective process validation

Retrospective process validation

Concurrent process validation

Revalidation

Prospective process validation: "Documented evidence - Validation carried out based on the pre-planned protocol"

Retrospective process validation: "Documented evidence - Validation carried out based on the analysis and review of the historical data"

What is the Full Form of MIS?

MIS - Management Information System

MIS is the study of the  organizations, people and technology,to know the relationship among them in terms of computer system.

MIS study using computerized system is used to evaluate the efficiency and effectiveness of decision making of people in an organization.

Strength and weakness of an employee can be identifed with the help of this study.