monopsony labor market without min. wage monopsony labor market with "optimal" min. wage ME ME P2 Pa P2 Pa D. Using the figure above as a guide, upload an image with two graphs in which you answer the questions below by labeling your graphs. i. Which quantity represents the amount that will be purchased by the monopsony buyer of labor: Qa or Q,? Please re-label as Qm using the graph on the left. Which price (wage) will correspond to the monopsony price in this market: p1, P2, or p3? Re-label as p"m using the graph on the left. ii. ii. What price and quantity correspond to the equilibrium in a competitive labor market?

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.