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Assume that a monopsony firm and a perfectly competitive labor market. Contrast the two with respect...

Assume that a monopsony firm and a perfectly competitive labor market. Contrast the two with respect to (a) wage rate, (b) employment level, and (c) profit maximization condition. Since both monopolists and competitive firms follow the MFC = MRC rule in maximizing profits, how do you account for the different results? Why might the labor supply of a perfectly competitive firm and those of a monopolist be different? What are the implications of such a difference? Show your discussions graphically.

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