One reason why perfect competition does not represent the sport labour market accurately is because of monopsony. A monopsony is where 'one firm bids up the price of labour', it is where there is only one buyer in the market. A factor market where there are a few buyers is referred to a 'monopsonistic market'. Bidding up the price of labour is usually more prominent when hiring star players. That is. hiring a player with average quality may not be as effective and profitable towards the team as opposed to a star player with greater quality of talent, who will be able to contribute more, enabling the team to increase their chances of winning one more game. Asports labour market is characterised by a monopoly in the product market and a monopsony in the labour market. In sense that in general, the team's product market will be performing for local spectators whereas in the labour market, the team would have to pay the adequate amount to encourage a new player to relocate to the team