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12 MCL * W 11 10 The perfectly competitive outcome for this market has wage $_ and employment $_ . If the union in this market wanted to increase wages without any marginal tradeoff of reduced employment, this could be accomplished by wages above $ and below $_ S Answer: - NWA OO OO OO Submit Answer MRP * 2 3 4 5 6 7 8 9 10 If the union bargains for wage $_ _ the deadweight loss will be L eliminated. Compare the division of surplus in this case relative to the division in the monopsony outcome. Answer: This monopsonist will choose wage $_ and employment will be . The monopsonist causes a deadweight loss of $_. Worker surplus will be equal to $_ and the firm's surplus will be equal to $ Submit Answer Answer: $2, 3 units, $7.5, $3, $19.50 * Submit Answer What is the wage bill for this monopsonist? What would the total wage bill for the industry be if this were a perfectly competitive See figure 7.6 to check your answer. Recall that in this course we use the term labour market? This monopsonist's profit per worker is $ _. The "worker surplus" in the sense of "producer surplus." market value of the marginal output of labour is $_ Answer: Submit