Suppose that bartenders and waiters have no unions. Now suppose that bartenders form a union. What does this do the labor supply and wages of waiters?
a. Both labor supply and wages increase.
b. Labor supply increases, and wages decrease.
c. Labor supply decreases, and wages increase.
d. Both labor supply and wages decrease.
b
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Which of the following is not a source of comparative advantage?
A) technology B) climate and natural resources C) a strong foreign currency exchange rate D) relative abundance of labor and capital
The ability to engage in product differentiation is one of the factors a manager or owner of a firm can control in order to create value for consumers
Indicate whether the statement is true or false
Inefficient outcomes can arise in markets for public goods because:
A) too much of an exclusive good is produced. B) too little of an exclusive good is produced. C) too much of a nonexclusive good is produced. D) too little of a nonexclusive good is produced.
Stabilization policy has helped ameliorate the impact of recessions since the 1950s.
Answer the following statement true (T) or false (F)