ProductX ProduetY PPF 上X X Y 00 00 030 110110 1028 218 218 1824 324 324 2418 428 428 2810 530 530 300 Product X Product Y LY X Y 00 00 050 1 10 110 1040 2 20 2 20 2030 330 3 3020 440 4 40 4010 550 550 500 Product x PPE LX LY x Y 00 00 080 110110 1058 22 222 2238 338 338 3822 458458 5810 580 580 800 8.A monopsonist buys labor for less than the competitive wage.What type of inefficiency will this use of monopsony power cause?How would your answer change if the monopsonist in the labor market were also a monopolist in the output market? When market power exists,the market will not allocate efficiently If the wage paid by a monopsonist is below the competitive wage,too little labor will be used in the production process.However,output mayProduct X Product Y PPF L X L Y X Y 0 0 0 0 0 30 1 10 1 10 10 28 2 18 2 18 18 24 3 24 3 24 24 18 4 28 4 28 28 10 5 30 5 30 30 0 Product X Product Y PPF L X L Y X Y 0 0 0 0 0 50 1 10 1 10 10 40 2 20 2 20 20 30 3 30 3 30 30 20 4 40 4 40 40 10 5 50 5 50 50 0 Product X Product Y PPF L X L Y X Y 0 0 0 0 0 80 1 10 1 10 10 58 2 22 2 22 22 38 3 38 3 38 38 22 4 58 4 58 58 10 5 80 5 80 80 0 8. A monopsonist buys labor for less than the competitive wage. What type of inefficiency will this use of monopsony power cause? How would your answer change if the monopsonist in the labor market were also a monopolist in the output market? When market power exists, the market will not allocate resources efficiently. If the wage paid by a monopsonist is below the competitive wage, too little labor will be used in the production process. However, output may