The competitive nature of the market influences labor market outcomes. less labor than if it sold
a. Explain and show graphically why a firm with monopoly power hires its output in a competitive market. power hires less labor than a firm
b. Explain and show graphically why a firm with monopsony hiring labor in a competitive market. markets characterized by delayed supply responses
c. Explain and show graphically why labor may exhibit a cobweb-shaped path to equilibrium.