1. Suppose that the curves labelled D and S represent the demand and supply curves for a competitive labour market. Wage S a W3 b C W2 e i h W1 S m k Q -Labour L1 L2 L3 a) Which areas represent workers' surplus at the competitive market equilibrium? b) Which areas represent employers' surplus at the competitive market equilibrium? c) Suppose that the market becomes monopsonistic, and the employer sets the wage rate at WI. Identify the areas that represent i) workers' loss or gain, il) employers' loss or gain, iil) dead weight loss