Which of the following is not correct?
a. When a union is present in a labor market, wages are 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. The process by which unions and firms agree on the terms of employment is called collective bargaining.
d. Most workers in the U.S. economy are not members of a union.
a
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In 2014, the price of peanuts was rising, which lead peanut butter sellers and peanut butter buyers to expect the price of peanut butter would rise in the future
Consequently, in the current market for peanut butter there was ________ which resulted in a ________ in the price of peanut butter and ________ in the quantity of peanut butter. A) a decrease in supply of peanut butter and an increase in demand for peanut butter; rise; an increase, decrease or possibly no change B) a decrease in supply of peanut butter and a decrease in demand for peanut butter; rise, fall, or possibly no change; a decrease C) an increase in supply of peanut butter and a decrease in demand for peanut butter; fall; an increase, decrease or possibly no change D) a decrease in supply of peanut butter and an increase in demand for peanut butter; fall; an increase, decrease or possibly no change
When two goods are complements
A) the demands for both goods will be elastic. B) cross price elasticity of demand will be 0. C) cross price elasticity of demand will be negative. D) cross price elasticity of demand will be positive.
When a certain competitive firm produces and sells 40 units of output, its total revenue is $740 . If there is no change in price, then what is the amount of the firm's total revenue if it produces and sells 45 units of output?
The ________ is the beginning of a recession.
A. expansion B. valley C. trough D. peak