2. The labor supply curve is given by Ls=10w. (a) Suppose the market for labor is perfectly competitive, and the labor demand curve is given by Ld=10010w. What is the equilibrium wage and number units of labor employed? (b) Suppose a minimum wage of 7 is imposed on the perfectly competitive labor market. What is new equilibrium wage and units of labor employed? How much excess labor supply is there? (c) Now imagine that there is a single firm that hires all the labor in this labor market, and that the labor demand function above reflects its marginal revenue product of labor. What is the equilibrium wage and amount of labor hired? (d) What if a minimum wage of 7 is imposed on the monopsonistic market? How will the amount of labor hired change