Scenario 1b The following diagram shows the demand, supply and marginal expenditure curves for a monopsony league buyer of baseball players. Wage and quantity of players are measured in $000s and 000s of players respectively. Refer to Scenario 1b. If players were paid a competitive wage, what would that be? Pick the closest value from the graph. Wage in 000s 47 22 7 8 9 10 11 MFC S 5 3 27 D 24 6 8 10 12 13 14 15 16 17 18 19 Qty of Players in 000s

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