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What is true of the equilibrium wage and quantity of a monopsonistic labor market as compared to a perfectly competitive labor market?

A

The monopsonist pays a higher wage and hires more workers.

B

The monopsonist pays a lower wage and hires fewer workers.

C

The monopsonist pays a higher wage and hires fewer workers.

D

The monopsonist pays a lower wage and hires more workers.

E

The monopsonist and the perfectly competitive market pay the same wage and hire the same number of workers.

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