Econ question

1.) (8 points) In the space below, draw a graph of a competitive labor market at equilibrium and label the equilibrium wage as w* and the equilibrium level of employment as E* a) Label on your graph above the area that represents the worker surplus and the area that represents the employer surplus at this equilibrium. b) If the firm were a perfectly discriminating Monopsonist, how would the equilibrium wage and employment levels change and what about the areas of surplus? Explain clearly, referring to your graph from above