Refer to the above figure. Suppose there are L4 workers in the union, and the union wants all of its workers to have a job. It will set the wage rate at
A) W1.
B) W2.
C) W3.
D) W4.
A
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In the long run, input demand becomes more
A) elastic. B) inelastic. C) unit-elastic. D) cost efficient.
A two-player game has an equilibrium outcome
a. only if both players have dominant strategies b. if neither player has a dominant strategy c. whenever one player has a dominant strategy d. only with tit-for-tat strategy e. only with repeated trials
Full employment to the classical school means that all workers
a. in the labor market are employed b. at any given wage rate are or will be employed c. who work at the equilibrium wage rate would not have been willing to work for less or more d. who are willing to work at the equilibrium wage rate are employed e. who are in the labor force are employed all the time
In 2015, federal, state, and local governments spent almost
A. $600 billion. B. $6 trillion. C. $3 trillion. D. $4 billion.