Refer to the diagram. If an inclusive union seeks to maximize the number of jobs available for its members, what wage rate will it seek to impose on the monopsonist?
A. D minus A.
B. F.
C. C.
D. B.
D. B.
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In the United States, the minimum wage is defined as
A) the wage that the youngest job entrant into the job market makes. B) the lowest wage that a corporation should pay a worker if the corporation wants to ensure that its employees are well trained. C) the lowest hourly wage rate a firm may legally pay its workers, as legislated by the U.S. government. D) the wage ceiling above which a firm no longer must pay its employees additional benefits.
A payoff matrix is a table listing the expected economic profit resulting from different possible strategies
a. True b. False
When fiscal policy makers wish to reduce aggregate demand, they could enact:
A. contractionary fiscal policy. B. expansionary fiscal policy. C. contractionary monetary policy. D. expansionary monetary policy.
Suppose Al, Betty, and Carl own the only fishing companies in your village. Suppose the market price today is $10 per fish. Suppose Al catches 4,000 fish with an average total cost of $7.50, Betty catches 6,000 fish with an average total cost of $6, and Carl catches 10,000 fish with an average total cost of $5 . What is the average profit per fish in the village today?
a. $2.40 b. $4.20 c. $3.80 d. $2 e. $5