Markets are made up of buyers and sellers. What is the difference between a monopsony market and a monopoly market?

FlGLIE 10.4 Wage Rate and Employment Determination Under Monopsony g A a} MM: 3 5 \"'2 11': DI'MRP} h-- [1 12 Number ofworkers In the abOve drawing, W2= $25/hour, W1 = $20lhour, and L2= 100,000 and L1 = 80,000. a. Markets are made up of buyers and sellers. What is the difference between a monopsony market and a monopoly market? b. In the market shown in the above diagram what wage rate will workers be paid, W1 or W2? In the market shown above how many workers will be employed L1 or L2? Summarize what happens to wage rates and employment levels when a competitive labour market gradually becomes a monopsony labour marker. or