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How the wage and employment level is determined

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Reference no: EM132122917

Question: a. Assuming a competitive labor market, use a labor supply and demand diagram to illustrate what will happen to wages and employment if the demand for the product being produced decreases.

b. Assuming a monopsonistic labor market, illustrate (in a diagram) and explain in words how the wage and employment level is determined.

Reference no: EM132122917

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