Perfectly Competitive Market Market Price at every output: $5 Market Wage $25 Output Marginal Total Revenue Marginal Wage per hour / # of Workers per hr Product Price Product Revenue Product MRC 0 0 0 15 $ 75.00 35 S 5.00 3 50 15 S 250.00 $ 25.00 4 60 S 50.00 65 5 $ 325.00 $ 25.00 65 $ 5.00 50 $ 25.00) Monopolistic Competition Downward Sloping Demand Market Wage: $13 TP per # of Workers hour MP Price TRP MRP MRC/ MFC o $ 11.00 $ 15 $ 10.50 $ 157.50 W N H 35 $ 10.00 50 15 $ 9.90 60 $ 9.00 $ 45.00 65 8.50 65 $ 8.00 $ 620.00 60 $ 7.50 Product Market: Perfect Competition Product Price $2 Labor Market: Wage Total Cost Monopsony Rate of Labor MRC Total Output MP MRP 1 $ 40.00 $ 40.00 35 2 $ 45.00 $ 90.00 50 3 $ 50.00 $ 150.00 75 4 $ 55.00 $ 220.00 60 5 $ 60.00 $ 300.00 55 6 $ 65.00| $ 390.00 45 7 $ 70.00 $ 490.00 40 8 $ 75.00 $ 600.00 30 Draw a perfectly competitive LABOR market + firm below