If the United Auto Workers successfully negotiates a wage that is higher than the competitive wage,
a. there is no excess supply of labor because everyone who wants to work at the union wage can get a job
b. there is no excess demand for labor because everyone who wants to work at the union wage can get a job
c. the union must ration the available jobs
d. all workers are better off
e. more workers are employed than at the competitive wage
C
You might also like to view...
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
If a bank receives an additional deposit of $50,000 and the desired reserve ratio is 20 percent, what is the amount of new loans the bank can make?
What will be an ideal response?
Economists note that over most periods, the inflation level in prices is roughly similar to the inflation level in wages, and so they reason that on average, over time, people's economic status is not greatly changed by inflation
a. True b. False Indicate whether the statement is true or false
Logging companies are always more profitable if they are able to harvest more (rather than less) lumber in a month. If you concluded from that fact that the logging industry is more profitable if all of the firms in the industry harvest more, then you would be
A. wrong because firms operate on jealousy. B. wrong and have fallen victim to the fallacy of composition. C. wrong because causation and correlation are not the same. D. right.