A union that pursued a policy of restricting entry over time into the union would
A. see real wages hold constant over time at whatever premium they could get initially.
B. generate rising real wages for its membership over time as long as demand for union workers increased over time.
C. also have to negotiate to be sure that all the members were able to find jobs.
D. fail to obtain benefits for their workers in excess of what the workers would get under open markets.
Answer: B
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Moving downward along a linear (straight-line) downward sloping demand curve, the
A) slope is constant. B) price is constant. C) quantity is constant. D) elasticity is constant. E) None of the above answers is correct.
Define price discrimination and explain why a monopolist would price discriminate?
What will be an ideal response?
For a profit maximizing monopolist, if the MC = 10 and price is set to be 20, then the elasticity at this price is
A) -2. B) -1. C) -0.5. D) 0.
Economic models are used to
A) simplify reality to predict outcomes. B) exactly replicate reality. C) predict all possible outcomes of a study. D) determine the thoughts of individuals.