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A. Compare the hiring choices of a monopsonistic anda competitive employer of workers. Which will hiremore workers, and which will pay the higher wage? Explain.

A. Compare the hiring choices of a monopsonistic anda competitive employer of workers. Which will hiremore workers, and which will pay the higher wage?

Explain.

B. Rock musicians sometimes earn several million dollarsper year. Can you explain such large incomes in termsof economic rent?

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