Defi ne monopsony and marginal labor cost . Why is the marginal labor cost in the case

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Defi ne monopsony and marginal labor cost . Why is the marginal labor cost in the case of monopsony above the supply (average labor cost) curve? What is the nature of the ineffi ciency or misallocation associated with monopsony power? Is there any ineffi ciency when the supply curve facing the monopsonist is perfectly elastic?

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