Question 4 Suppose that the supply and marginal revenue product of labour curves faced by a monopsonist are as follows: Units of Labour Supply with MC with (N) Min Wage Min Wage 1 2 3 4 5 6 7 8 a) Maintain the assumption that firms can not price discriminate in the input market and ll in the rm's Marginal Cost (MC) table. b) How many workers will the monoposonist hire and what would the wage be? How many workers would have been hired and at what wage if this were a perfectly competitive market? c) Suppose now the province introduces a new minimum wage policy which sets the minimum wage at $6. Fill in the monopsonist's supply and marginal cost tables with the minimum wage. d) What will happen to the number of workers hired with the introduction of this minimum wage