In a monopsony market, the relationship between the marginal factor cost and the overall supply curve can be likened to the relationship between a single buyer's bidding strategy and a competitive auction setting. A: Monopsony : Bidding strategy :: C: ?

In a monopsony market, there is only one buyer for a particular resource, like labor, which gives that buyer significant power over the price they pay. This situation is similar to a bidding strategy in a competitive auction, where one bidder may influence the outcome by deciding how much to offer based on their competition. In this case, the overall supply curve reflects how much suppliers are willing to sell at different prices, while the marginal factor cost represents the additional cost incurred by the buyer for hiring one more unit of the resource. Therefore, the relationship can be likened to a single buyer's bidding strategy in an auction where they must consider how much to bid based on the available supply and their budget. A concrete example is a small town that only has one factory hiring workers; the factory can set lower wages because workers have no other nearby job options, impacting the labor supply curve.