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English, 25.03.2020 20:25 McSporter

Can someone paraphrase my answer without losing the meaning of it too much and keeping the same tone. Thank you!

My answer changes if a large Brazilian company buys up all the groves in Central Florida creating a monopsony power for this company because the grove owner can hire more workers since the workers will be paid less than their marginal revenue product which generate more profit for the business and increase the marginal product labor. Since a monopsony power results in less pay for a competitive labor pool, the grove owner can hire more workers than 3 because of the decrease in all the factors affecting profit. The number of workers hired and the worker’s wages would compare to a perfectly competitive labor market in aspects of salary, where a person in a perfectly competitive market would not earn higher than the market clearing wage rate since both sides of the market are equally competitive whereas a person in this situation would still be able to earn more than the marginal clearing wage rate, just not as much as their marginal revenue product. The number of workers in a perfectly competitive market would be less than the number of workers in a monopsony market, because more workers would be hired for more profit while less workers will be hired in a perfectly competitive market because of the large number of people who are of the same profession but there is a greater number of companies to work at whereas a monopsony only has one large company that dominates the market.

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