Consider the following graph showing the labor market with a monopsony firm. Which of the following statements is true? Wage (W) $11.50 $10.00 $8.75 80 MC 100 $ D Labor (L) Select all that apply: The monopsony has higher labor costs than a competitive firm. The monopsony has lower labor costs than a competitive firm. The monopsony's labor costs are $700. The monopsony's labor costs are $1,000.