Suppose that formerly competing firms form an employers' association that hires labor as a monopsonistic would. Indicate the competitive and monopsonistic equilibriumusing the graph below.

b. Hospital administrators sometimes complain about a \"shortage\" of nurses. This shortage is the result of. 0 low wages that occur in the competitive market and could be eliminated if nurses earn wages closer to their MRC. 0 higher wages that occur in the competitive market and could be eliminated if nurses earn wages closer to their MRC. 0 higher wages that occur in the monopsonized market and could be eliminated if nurses earn wages closer to their MRP. 0 low wages that occur in the monopsonized market and could be eliminated if nurses earn wages closer to their MRP. Suppose that formerly competing rms form an employers\" association that hires labor as a monopsonistic would, Indicate the competitive and monopsonistic equilibrium using the graph below. Instructions: Use the tools provided to indicate the competitive equilibrium (CEQL monopsonistic equilibrium (MEG), and the monopsonistic wage WWAGQ- Labor Market 1 Di] Tools Wage rate (dollars) 10 20 30 40 50 50 70 80 90100 Quantity of labor a. Suppose again that the formerly competing rms form an employers' association that hires labor as a monopsonist would. This will cause: 0 convergence ofthe marginal resource cost and the supply curve, which will result in more workers hired at a higher wage rate, 0 convergence ofthe marginal revenue product and the supply curve, which will result in fewer workers hired at a higher wage rate. 0 divergence ofthe marginal resource cost and the supply curve, which will result in fewer workers hired at a lower wage rate. 0 divergence ofthe marginal revenue product and the supply curve, which will result in more workers hired at a lower wage rate