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Consider a monopsony employer in a labour market. Explain how a union in this labour market might simultaneously increase the wage rate, employment...

Consider a monopsony employer in a labour market. Explain how a union in this labour market might simultaneously increase the wage rate, employment and led to allocative efficiency.

Explain why an individual labour supply curve is backward bending and why the market labour supply curve is upward sloping. In your answer, explain the relationship between an individual labour supply curve and the market labour supply curve.

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