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1.a. Show how a monopsony model differs from one that is competitive. Be specific and show graphically the wage and employment outcomes. b. Show the

1.a. Show how a monopsony model differs from one that is competitive. Be specific and show graphically the wage and employment outcomes.

b. Show the influence on wages and employment of a government policy that sets wages in for example construction (Davis-Bacon Act) or state minimum wages (Fair Labor Standards Act) within a competitive model and a monopsony model.

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