2. Explain what we mean by a monopsony in a labour market. (5 marks) 3. Relative to a competitive market equilibrium, what are the impacts of monopsony in labour markets on workers and society? (5 marks) 4. Referring to evidence from relevant sources, provide examples of situations where monopsony is likely to have the greatest impact on workers and their earnings (key ideas here are industry, geographic location, firm entry and unionisation) (6 marks) 5. Provide an explanation, based on monopsony, of how introducing or increasing a minimum wage might lead to increased employment rather than increased unemployment. What are the possible benefits of the minimum wage and are there any losers? Highlight the challenges of getting such policies right and any problems or unintended consequences that may arise. (10 marks)