Question: Hi, please give a try i will vote for helpful as long its not short and bad answer, thank you Q9. (Un)competitive markets. Point B

Hi, please give a try i will vote for helpful as long its not short and bad answer, thank you

Q9. (Un)competitive markets. Point B in the figure below shows the levels of employment and the real wage when there is imperfect competition in goods' and labour markets. W/P C A MPL W/P """"""""" B MPL D l + m N [a] At what point would the equilibrium be if there was perfect competition in the product market but the labour market was still characterised by turnover costs and efciency wages? Point C. (b) At what point would the equilibrium be if there was imperfect competition in the product market and perfect competition in the labour market? Point D

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