Workers who demand a wage that is higher than the equilibrium wage
A. Must belong to a union in order to secure a job.
B. Will never benefit from joining a union.
C. Will find it difficult to secure a job.
D. Will easily secure a job.
Answer: C
You might also like to view...
A deadweight loss occurs whenever
A) the total benefit of a good does not equal its total cost. B) the marginal social benefit of a good does not equal its marginal social cost. C) there is perfect price discrimination. D) there is no consumer surplus.
A decrease in liabilities will reduce a firm's accounting profit
Indicate whether the statement is true or false
Which is a distortion (a loss of social surplus) associated with a monopolist's inability to observe consumer types when constructing a nonlinear pricing scheme?
a. The monopolist must expend more resources on market research. b. All bundles involve inefficiently low quantities. c. Some but not all bundles involve inefficiently low quantities. d. Quantities aren't distorted, but prices extract too much consumer surplus.
The items held constant in the study of economic theory is known as the determinants of demand and the determinants of supply
a. True b. False Indicate whether the statement is true or false