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Labor Market with MONOPOLY: Labor supply curve: W(l) = 4L; Labor demand curve D (l) = 350 - L ; Need to solve the a):
Labor Market with MONOPOLY:
Labor supply curve: W(l) = 4L; Labor demand curve D (l) = 350 - L ;
Need to solve the a): total l demanded; b): consumer surplus; c):producer surplus: and d): Dead Weight Loss for the MONOPSONY.
Also, compared those (a-d) to when the values from the perfect competitive market.
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