If the Slamdunkers can sell 5000 season tickets for $100 and 6000 season tickets only by lowering the price to $80, the demand for season tickets between the two prices is

Describe the different possible profit outcomes for a perfectly competitive firm in the short run versus the long run. Explain why they occur

What will be an ideal response?

Relative to a competitive labor market, monopsony

A) is also efficient. B) creates a deadweight loss because it pays an excessive wage. C) creates a deadweight loss because the wage is below the marginal revenue product of labor. D) creates a deadweight loss because the wage is above the marginal revenue product of labor.