If a labor market that was previously competitive becomes controlled by a monopsony, the wage rate ________ and employment ________.

Name: If a labor market that was previously competitive becomes controlled by a monopsony, the wage rate ________ and employment ________.
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In a monopsony, a single buyer (employer) controls the market, leading to lower wages and reduced employment compared to a competitive market.

If a Labor Market That Was Previously Competitive Becomes Controlled