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Perfectly competitive market

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Reference no: EM131728070

Doggy Treats is hiring in a perfectly competitive market. The firm pays each worker a wage of $300. The treats sell for $10 each.

Quantity of Labor

Total Product

0

0

1

300

2

400

3

475

4

525

5

550

Part 1

Based upon the information above, what is Doggy Treats profit maximizing point for labor? Why? 

Part 2

If Doggy Treats were to become a monopsony, how would the monopsony compare to perfect competition in terms of wages?

Reference no: EM131728070

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