Based upon evidence presented in this news clip, do tea plantations function as a monopsony in labor markets, or is the market for tea workers competitive? Explain.

Sri Lanka’s workers want a daily wage rate of 1,000 rupees. In January, trade unions and tea plantations negotiated an increase in the wage rate by 40 percent to 700 rupees a day. Academics say that even 1,000 rupees a day is less than what workers need to live.