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Perfectly Competitive Labor Markets First assume that the labor market is perfectly competitive. a What is the equilibrium wage? b What is the equilibrium amount

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Perfectly Competitive Labor Markets First assume that the labor market is perfectly competitive. a What is the equilibrium wage? b What is the equilibrium amount of talent hired? c How much talent Will each team hire? cl What is the surplus for teams? e What is the surplus for players? League as a Monopsonist Now suppose that the league acts as a monopsony: f What is the equilibrium wage? g What is the equilibrium amount of talent hired? h How much talent will each team hire? i What is the surplus for teams? j What is the surplus for players

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