If the firm employing this labor were a monopsonist, explain what the wage rate and the quantity of labor employed would be. If the market for this labor were perfectly competitive, what would the wage rate and quantity of labor employed be? Explain what the impact on wages and employment would be if a large urban school district (the only significant employer of K-12 teachers for 200 miles), was broken into 85 independent school-firms, each competing for the services of good teachers.