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Labor market outcomes depend upon the labor market structure. a. If a competitive labor supply faces only one employer (the league), a monopsony wage and
Labor market outcomes depend upon the labor market structure.
a. If a competitive labor supply faces only one employer (the league), a monopsony wage and employment level results. Compare the competitive outcome to that of a monopsony.
b. If the Players Union faces a monopsony employer, a bilateral monopoly wage and employment level results. Compare the competitive outcome to that of a Bilateral Monopoly
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