Question: Use the graph Wages and Workers In a Monopoly, which represents a monopsonist selling its product in a competitive product market to answer the following

Use the graph Wages and Workers In a Monopoly, which represents a monopsonist selling its product in a competitive product market to answer the following questions. Fill in the answers or cross out the incorrect words in paranthesis.

5. If this firm were in a competitive labor market,

a) What would be the equillibrium wage?

b) What would be the number of workers employed?

Use the graph Wages and Workers In a Monopoly,

Wages and Workers in Monopsony $6.00 MRC 5.50 5.00 SI 4.50 4.00 3.50 Wage Rate in Dollars per Hour 3,00 2.50 MRP 2.00 1.50 1.00 .SO 0 5 10 15 20 25 30 35 40 45 50 55 60 Number of Workers per Day Use the graph Wages and Workers in a Monopsony, which represents a monopsonist selling its product in a competitive product market, to answer the following questions. Fill in the answers or cross out the incorrect words in parentheses. 5. If this firm were in a competitive labor market: a. What would be the equilibrium wage? b. What would be the number of workers employed

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