2. Comparing an employer in a purely competitive labor market to an employer in an imperfectly competitive labor market (monopsony)

a. A profit-maximizing firm hiring workers in a purely competitive labor market faces a(n)

__ __ __ __ __ __ T __ __ __ __ __ __ T __ __ supply of labor curve,

and is thus a wage ____________________.

b. An employer hiring workers in a purely competitive labor market has no control over the wage rate because:

c. A profit-maximizing firm hiring workers in a monopsonistic labor market faces a(n)

________________________________________ supply of labor curve.

d. For a monopsony, the marginal labor cost curvelies above its supply of labor curve because: