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What is the competitive equilibrium level of workers

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Reference no: EM133341734

Question: Assume that in Florida's orange juice industry the demand for labor is given by LD=300-4w and supply is LS=2w.

a. What is the competitive equilibrium level of workers/labor and wage in the market?

b. What is the new outcome in the competitive market if there is a minimum wage set at $60?

c. Suppose a single buyer enters and takes over control of the industry. What is the monopsony equilibrium level of employment and wage?

Reference no: EM133341734

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