-The above figure shows the market for labor. The employer is a monopsony. If a minimum wage of $10 is imposed, the equilibrium level of employment is

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Quizplus · Accepted Answer

In a monopsony, the employer has market power and can set wages lower than in a competitive market. Imposing a minimum wage can increase employment if it is set above the monopsony wage but below the competitive equilibrium wage. In this scenario, the minimum wage of $10 likely increases employment to 600 hours per day, as it aligns with the quantity of labor demanded at that wage level.

-The Above Figure Shows the Market for Labor