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Be able to solve the prisoner's dilemma problem. DOES NOT I CONFESS CONFESS 5 years forA 10 years for A 6 months for A See the gure above, what's the dominant strategy? What is the outcome? Is this the best outcome for both A and B. What is derived demand of labor? What is monopsony? What is the formula for Monopsony? What is bilateral monopoly? Determine monopsonist, union, and competitive wage graphically. Marginal W Factor Cost Which labor market (monopsony or competitive) is the best to raise the minimum wage? Be able to read and interpret the Lorenz Curve. What is poverty trap