FIGURE 14- 2
-Refer to Figure 14- 2. If the labour market were in a monopsonistic equilibrium, the predicted wage and number of workers employed would be

Name: FIGURE 14- 2 -Refer to Figure 14- 2. If the labour market were in a monopsonistic equilibrium, the predicted wage and number of workers employed would be
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In a monopsony, the employer has market power and can set the wage below the competitive equilibrium wage. This results in a lower wage and fewer workers employed than in a competitive market.

FIGURE 14- 2 -Refer to Figure 14- 2. If the Labour Market Were