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Hogwarts hires wizardry teachers in a monopsonistic labor market. The graph shown here illustrates Hogwarts' marginal factor cost of labor (MFCL), the supply of labor

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Hogwarts hires wizardry teachers in a monopsonistic labor market. The graph shown here illustrates Hogwarts' marginal factor cost of labor (MFCL), the supply of labor (SL), and the marginal revenue product of labor (MR.PL) for wizardry teachers. Wage MFCL Wa SL Wb Wc Wa I y MRPL Quantity of Q2 Q1 wizardry teachers What area represents deadweight loss in this monopsony labor market

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