Monopsony

-when talking about monopsony, do we have to explain why MC curve is higher than AC curve? - coz it takes alot of time!!

No. For example, explaining the effect of a NMW. You can say a NMW in a monopsony will be able to increase wages without causing unemployment. Draw and explain diagram but not necessary to explain why MC increases faster than AC.

essay: Does a minimum wage reduce poverty?