If a single union supplies all the labor in a competitive labor market, the union probably will
A. increase labor supply to raise employment.
B. restrict labor supply to raise wages.
C. increase union membership to increase wages.
D. act like a competitive firm.
Answer: B
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Patents grant
a. permanent monopoly status to creators of scientific inventions b. permanent monopoly status to creators of any intellectual property c. temporary monopoly status to creators of scientific inventions d. temporary monopoly status to creators of any intellectual property e. permanent monopoly status to natural monopolies
Which of the reasons given for tariff protection make consumers better off by generating lower prices?
A) infant industry argument B) protecting U.S. jobs argument C) anti-dumping argument D) None provides lower prices for domestic consumers.
The most significant international undertaking to prevent worsening of global warming is the
a. Montreal Protocol b. Rio Declaration c. Agenda 21 d. Kyoto Protocol e. None of the above
In the Cournot model, if the products are differentiated
A) this reduces the pressure of one firm's decisions on the other. B) this increases the pressure of one firm's decisions on the other. C) there is no difference between this model and one with homogeneous goods. D) marginal costs are necessarily different.