Assume you are the owner of a fast-food restaurant. Your business is doing great, and you are considering hiring more employees. Should you be more concerned with the average product of labor or the marginal product of labor for the last person hired? If you observe that your average product is just beginning to decline, should you hire more workers? What does this situation indicate about the marginal product of your last worker hired? How do perfectly competitive firms adapt to market changes in the short run? How do monopoly firms adapt to market changes in the short run? When answering this question, everyone should also consider discussing: Can you identify some markets that are perfectly competitive? Can you identify some markets which are monopolistic? Should monopolies be regulated? Should the new tech monopolies be regulated? Is Monopsony a problem? Is Monopsony a problem in the labor market? Is this a reason for a minimum wage? Use two different articles to answer both situation separately and link the sources that are used