Reference no: EM1313399

Discuss the impact on wages, employment in the industry, and the economic welfare of the following input market structures.  In which case will the deadweight loss be the smallest? 

a. A labour union that controls the supply of workers to an industry consisting of many small firms

b. An output market monopolist who is the only employer of a particular type of labour

c. An output market monopolist who is the only employer of a particular type of labour supplied by a union that controls the entire supply of workers to the industry