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-In the Above Figure, What Would Be the Wage Paid

Question 382

Multiple Choice

-In the above figure, what would be the wage paid and quantity of labor employed under competitive market conditions compared to monopsony conditions? A) W<sub>1</sub> and L<sub>1</sub> with competition versus W<sub>2</sub> and L<sub>2</sub> with monopsony B) W<sub>2</sub> and L<sub>2</sub> with competition versus W<sub>1</sub> and L<sub>1</sub> with monopsony C) W<sub>2</sub> and L<sub>2</sub> with competition versus W<sub>3</sub> and L<sub>1</sub> with monopsony D) W<sub>3</sub> and L<sub>3</sub> with competition versus W<sub>3</sub> and L<sub>1</sub> with monopsony
-In the above figure, what would be the wage paid and quantity of labor employed under competitive market conditions compared to monopsony conditions?


A) W1 and L1 with competition versus W2 and L2 with monopsony
B) W2 and L2 with competition versus W1 and L1 with monopsony
C) W2 and L2 with competition versus W3 and L1 with monopsony
D) W3 and L3 with competition versus W3 and L1 with monopsony

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