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Suppose the formerly competing firms in review question 1 form an employers’ association that hires labor as a monopsonist would. Describe verbally the effect on wage rates and employment. Adjust the graph you drew for review question 1, showing the monopsonistic wage rate and employment level as W_{2} and Q_{2}, respectively. Using this monopsony model, explain why hospital administrators sometimes complain about a “shortage” of nurses. How might such a shortage be corrected?
5. Assume a monopsonistic employer is paying a wage rate of W_{m} and hiring Q_{m }workers, as indicated in Figure 15.8. Now suppose an industrial union is formed that forces the employer to accept a wage rate of W_{c}. Explain verbally and graphically why in this instance the higher wage rate will be accompanied by an increase in the number of workers hired.
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