Equilibrium in oligopoly markets is characterized

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Reference no: EM131161966

Explain the follow question

1. A monopsony employer facing a perfectly competitive supply of labor would pay a wage equal to marginal revenue product

2. Wages for labor will be highest in labor markets consisting of perfectly competitive buyers and a monopolist

3. Equilibrium in oligopoly markets is characterized by P>AC and MR=MC.

Reference no: EM131161966

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