If workers are homogeneous and face a monopsonist,
A) they are likely to want to form a union.
B) they are likely to want to negotiate one-on-one with their employer.
C) it is likely that half will want to form a union, half will not.
D) they are likely to move to another town.
A
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If the natural unemployment rate is 5 percent and the actual unemployment is 3 percent, then Okun's Law concludes that real GDP is
A) 2 percent greater than potential GDP. B) 4 percent less than potential GDP. C) 3 percent greater than potential GDP. D) 4 percent greater than potential GDP. E) 2 percent less than potential GDP.
An economic boom that creates an inflationary gap is usually followed later by
a. falling prices. b. a period of stagflation. c. an increase of potential GDP. d. an increase in aggregate supply.
The price charged by a profit-maximizing monopolist occurs at:
A.) The minimum of the average total cost curve. B.) The price where marginal cost equals marginal revenue. C.) A price on the demand curve above the intersection where marginal revenue equals marginal cost. D.) A price on the average cost curve below the point where marginal revenue equals marginal cost.