-In Exhibit P-4, this exhibit describes a monopsonistic labor market because the

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In a monopsonistic labor market, the monopsonist faces an upward-sloping labor supply curve, meaning they must pay a higher wage to attract additional workers. The Marginal Labor Cost (MLC) curve lies above the labor supply curve because it costs the monopsonist more to hire each additional worker due to the need to increase wages for all workers, not just the marginal one. This characteristic distinguishes monopsony from perfectly competitive labor markets.

-In Exhibit P-4, This Exhibit Describes a Monopsonistic Labor Market