If a union achieves above-equilibrium wages for its membership, the wages of nonunion workers will generally suffer.
Answer the following statement true (T) or false (F)
True
The workers excluded from the unionized market will seek work in the nonunionized market, thereby shifting the nonunion supply curve to the right. The result will be a reduction of wage rates in the nonunionized market.
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What does the phrase "internalizing an external cost" mean?
A) forcing producers to factor into their production costs the cost of the externalities created in the production of their output B) finding a way to address cross-border pollution C) limiting the extent to which domestic firms can outsource production D) prohibiting economic activities that create externalities
The term costs of adjustment refers to the states' intentions to _______________ , which is common in the politics of international finance.
Fill in the blank(s) with the appropriate word(s).
In which of the following markets are strategic interactions among firms most likely to occur?
a. markets to which patent and copyright laws apply b. the market for piano lessons c. the market for tennis balls d. the market for corn
The market will overproduce goods that have external costs because
A. Producers cannot keep these goods from consumers who do not pay, so they have to produce greater amounts. B. Producers experience higher costs than society. C. Producers experience lower costs than society. D. The government is not able to produce these goods.