Problem 1 Monopsony (30 points) 1a. Draw, label, and explain a diagram that shows the effect of a minimum wage on the wage rate, employment, and unemployment in low skilled labor markets if these markets were perfectly competitive before the minimum wage existed. 1b. Now draw and explain a 2nd diagram to show the effect of a minimum wage on the wage rate, employment, and unemployment if the market is monopsonistic. 1c. What is the difference between these two graphs? 1d. Why is there a difference?