Which of the following union tactics, if successful, would increase wages and create a surplus of labor?
a. collective bargaining to fix the wage above the competitive level
b. decreasing the marginal revenue product of the union workers
c. increasing the demand for union-made products
d. restricting the supply of nonunion products that compete with union-made products
e. increasing labor productivity by minimizing conflicts and resolving differences between labor and management
A
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If the price of carrots is below the equilibrium price, the
A) quantity supplied of carrots exceeds the quantity demanded, and a shortage exists. B) quantity demanded of carrots exceeds the quantity supplied, and a shortage exists. C) quantity demanded of carrots exceeds the quantity supplied, and a surplus exists. D) quantity supplied of carrots equals the quantity demanded. E) quantity supplied of carrots exceeds the quantity demanded, and a surplus exists.
The primary purpose of labor unions is to
A) ensure that workers receive adequate safety training. B) negotiate with employers about wages and working conditions. C) endorse candidates and donate money to them. D) ensure that all members earn identical incomes.
After a price floor of $23 is placed on the market in the graph shown, which area represents total surplus?
A. A
B. B + C + E + F
C. A + B + E
D. A + B + C + E + F
If total utility increases by smaller and smaller amounts as more units of a product are consumed, then marginal utility is:
a. decreasing and is a negative amount. b. decreasing and is a positive amount. c. zero. d. increasing and is a negative amount. e. increasing and is a positive amount.