the following questions in your initial discussion post: Define and explain price, quantity demanded, and quantity supplied as applied to the labor market. Describe, using economic terms, how equilibrium wage is established in the labor market. Explain the law of Declining Marginal Productivity. How is the derived demand curve for labor determined? Research and explain how minimum wage may impact labor markets. Define what is meant by the term "monopsony". Research and explain the impact of a monopsony on wages and employment levels