Unions
a. raise the wages of unionized workers and raise unemployment.
b. raise the wages of unionized workers and reduce unemployment.
c. reduce the wages of unionized workers and raise unemployment.
d. reduce the wages of unionized workers and reduce unemployment.
a
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Refer to the above table. If the price of the good produced is $9, the marginal revenue product of the 13th worker is
A) $810 B) $360 C) $6840 D) $630
In general, with a monopolist's outcome:
A. consumers lose surplus. B. monopolies earn profit. C. deadweight loss occurs. D. All of these statements are true.
Correcting a market with an externality through taxation is _________ correcting it through a quota.
A. more efficient than B. less efficient than C. just as efficient as D. Any of these statements could be true depending on whether the tax is imposed on the buyer or seller.
Consumer surplus is
a. the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. b. the amount a buyer is willing to pay for a good minus the cost of producing the good. c. the amount by which the quantity supplied of a good exceeds the quantity demanded of the good. d. a buyer's willingness to pay for a good plus the price of the good.