Define labor Market Equilibrium. Using supply and demand of labor, VMP, MRP, MWC and AWC, discuss and show graphically how labor market equilibrium will differ in the following cases:
A. Firm faces a Competitive Labor Market, and Competitive Product Market.
B. Firm faces a Competitive Labor Market, and Monopolistic Product Market
C. Firm faces a Monopsonistic Labor Market, and Competitive product market
D. Firm faces a Monopsonistic Labor Market, and Monopolistic product market