Question: See the table below, and answer each of the questions. (60pts/12pts each)

1. If the market represented in exhibit above is allowed to operate freely, total employment in the market will be ____________.
2. If a union raises the wage to $4, total employment in the market will be ______.
3. The approximate total surplus of labor after the union wage is _____________.
4. If the market is allowed to operate freely, total employment by the typical employer (illustrated in the right-hand panel) will be _____________.
5. If a union raises the market wage to $4, total employment by the firm (in the right-hand panel) will be ___________.

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Deliverable: Word Document