Many unions attempt to raise the hourly wages received by their members by restricting the supply of workers firms can hire from. Assuming the demand for workers who belong to these unions is inelastic, this would cause:
A) wages of individual union members to decrease and the total (combined) income of union members to increase.
B) wages of individual union members and the total (combined) income of union members to decrease.
C) wages of individual union members to increase and the total (combined) income of union members to decrease.
D) wages of individual union members and the total (combined) income of union members to increase.
D
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Assuming that there are NO income taxes, if both autonomous taxes, and government expenditures were to rise by $100 million, we would expect equilibrium GDP to
A) rise by $100 million. B) rise, but by a multiple of $100 million. C) rise by less than $100 million. D) remain unaffected because leakages have changed by the same amount.
The contract curve in an Edgeworth Box diagram illustrates
A) the only efficient allocation of goods among individuals. B) all possible efficient allocations of goods among individuals. C) all equitable distributions of goods among individuals. D) the only equitable distribution of goods among individuals.
The idea that having ownership of an item increases the value that a person puts on the item can be explained by
a. The endowment effect b. Loss aversion c. Overconfident bias d. Anchoring bias
The average annual rate of population increase in the Philippines from 2000 to 2010 was about 2 percent. Based on this rate of growth, the population of the Philippines will double in about:
A. 7 years B. 11 years C. 35 years D. 46 years