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  3. illustrate each of the following scenarios. in eac

Illustrate each of the following scenarios. In each case, assume that the corresponding output market is...

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Economics

Illustrate each of the following scenarios. In each case, assumethat the corresponding output market is competitive.

a. Equilibrium in a perfectly competitive labor market (be sureto draw both a market and a firm graph).

b. Equilibrium in a monopsony labor market.

c. Equilibrium in a monopoly labor market (for example, a labormarket with a union maximizing economic rent).

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