If there is a monopsony operating in the labor market illustrated in the figure above, the equilibrium wage and quantity of labor hired is

An employed individual is one who:

A) has been actively looking for jobs. B) was previously employed but has quit his job voluntarily. C) has a full-time or part-time paid job. D) is performing household chores for free.

Which of the following is likely to be present in a perfectly competitive market structure?

a. barriers to entry b. advertising of products c. differentiated products d. many buyers and sellers