Answer the Microeconomics questions:

Name Module 71 Featured Worksheet 3 Imperfectly Competitive Labor Markets Use the graph below for an imperfectly competitivelabor market]to answer the following questions. Wage Rate a b Q of labor 1. Why is the marginal factor cost curve above the laba{supply curve} 2. 'What equality is used to determine the number of workers hired? 3. Using the labels on the graph, identify each of the following: a. The number of workers hired b. The wage rate c. The number of workers hired if the{labor market] d. The wage rate if the labor market was perfectly competitive. 4. 'What is true of the wage rate and the number of workers hired in the imperfectly competitive labor market compared to a perfectly competitive labor market