4. Sketch the Production Possibility Frontier of quantity (N) and quality (S) for a hospital and label the utility maximizing quantity-quality pair as (N*, 5*). Also sketch the indifference curve that runs through (N*, 5*). 5. What evidence suggests that the market for nurses can be thought of as a Monopsony? Sketch a graph of the labor market for nurses and label the "shortage" that a Monopsony predicts