Which of the following is not correct?
a. When a union is present in a labor market, wages may not be determined by the equilibrium of supply and demand.
b. Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market power.
c. When unions raise wages above equilibrium, the quantity of labor supplied decreases, and the quantity of labor demanded increases.
d. Most workers in the U.S. economy are not members of a union.
c
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Explain how expansionary and contractionary monetary policies affect aggregate demand through the exchange rate channel
What will be an ideal response?
Since 1990, the growth rate of real gross private investment in the United States has been relatively ________ and the growth rate of real personal consumption has been relatively ________
A) stable; stable B) stable; volatile C) volatile; stable D) volatile; volatile
If there were a decreased fraction of divorced couples and an increase in the proportion of two-income families: a. both would tend to increase measured income inequality
b. both would tend to decrease measured income inequality. c. the decreased fraction of divorced couples would tend to increase measured income inequality, but the increase in the proportion of two-income families would tend to decrease measured income inequality. d. the decreased fraction of divorced couples would tend to decrease measured income inequality, but the increase in the proportion of two-income families would tend to increase measured income inequality.
JoJo has a monopoly producing stringless yoyos. His company is called JoJo's Yoyos. As a result of his monopoly position,
A. he is guaranteed a profit. B. if he loses money in the short run, he will make money in the long run. C. his average total costs will always be lower than the price he charges. D. None of the choices are correct.