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Assignment
Write a 525-word weekly reflection that includes the following:
• Identify the most effective economic system you discussed in your collaborative discussion.• Explain what makes it the most effective economic system.• Identify an example of the system being used in history.• Explain what you perceive as the most effective economic system.
Format your assignment consistent with APA guidelines.
Under a monopsony scenario explain why the marginal labor cost is above the supply curve (average labor cost). What is the nature of inefficiency or misallocation associated with monopsony power?
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