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Suppose that one firm is the only employer of a certain labor service (i.e., the firm is a monopolist). Assume its MRPL is given by L = 11 - w and the labor supply is L = w.

(a) What is the wage paid and the number of labor hours hired by the profit-maximizing monopolist?

(b) What would be the wage and number of labor hours if the labor market were perfectly competitive?

(c) If a minimum wage law is passed that requires the monopolist to pay at least $5.50 per hour, how will this affect employment?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91274633

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