If a union is able to decrease the supply of workers in a competitive labor market but the union cannot affect the demand for its members' labor, then
A) wages and the quantity of labor hired will both increase.
B) wages will increase but the quantity of labor hired will decrease.
C) wages will decrease but the quantity of labor hired will increase.
D) wages and the quantity of labor hired will both decrease.
B
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In the basic closed-economy ISLM model, as the interest sensitivity of investment spending increases, fiscal policy has ________ effect on output and monetary policy has ________ effect on output
A) less; less B) more; more C) more; less D) less; more
As compared to the basic Nash-Cournot equilibrium for duopolists where the firms face the same market demand curve and have identical costs, in the situation where the firms produce products which are viewed by consumers as not being identical,
A) there will generally be different prices charged by the two firms. B) there will generally be different quantities produced by the two firms. C) one or both of the firms may practice spurious differentiation. D) All of the above.
When there is no Equilibrium (or no Nash Equilibrium), we expect that:
a. the firms end up in the cooperative strategy. b. a firm will follow a randomized strategy. c. a firm will not care what it does. d. a firm will very likely have a dominant strategy.
Refer to the accompanying figure. What is the slope of the supply curve?
A. 4 B. 2 C. 1 D. 1/2