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drew911811 drew911811
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2 years ago

The diagram below shows the supply and demand curves in a labour market. We will analyze both competitive and monopsonistic outcomes with this diagram.

Short description: A graph plots the quantity of labour against wage in dollars. Long description: The horizontal axis representing the quantity of labour lists the following values from left to right: Q subscript 2, Q subscript 4, Q subscript 1, and Q subscript 3. The vertical axis representing the wage in dollars lists the following values from bottom to top: W subscript 4, W subscript 1, W subscript 5, W subscript 2. The graph plots three lines. The line representing MRP passes through the following points: (Q subscript 2, W subscript 2), (Q subscript 4, W subscript 5), and (Q subscript 1, W subscript 1). The line representing MC passes through the following points: (Q subscript 2, W subscript 1) and (Q subscript 4, W subscript 5). The line representing S passes through the following points: (Q subscript 4, W subscript 4), (Q subscript 1, W subscript 1), and (Q subscript 3, W subscript 2).

Figure 14-2

Refer to Figure 14-2. In a perfectly competitive labour market, the equilibrium wage rate and the quantity of labour employed would be



▸ W1 and Q1.

▸ W5 and Q4.

▸ W4 and Q4.

▸ W2 and Q2.

▸ W5 and Q5.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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keeton1989keeton1989
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drew911811 Author
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You make an excellent tutor!
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