Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
a. Explain how the competitive labor market functioned before the buyout of the independent firms. How was the wage rate and quantity of workers employed in the market determined?
b. What will happen to the wage rate and employment of farm workers after the industry becomes monopolistic? Illustrate your answer with an appropriate graph.
c. What is the MRC? Why is MRC a part of the monopsony graph and not a part of the perfectly competitive labor market graph?
please include graphs
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