Craft unions attempt to increase wages in their profession by
a. increasing labor demand
b. decreasing labor demand
c. decreasing labor supply
d. increasing labor supply
e. exclusive dealing contracts
C
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Why are the governments of developed countries concerned about the quality of education in their countries?
What effect does education play in determining the country's economic growth rate and its standard of living? Why does it have this effect?
A monopolist, unlike a perfect competitor, has total control in its market because it is the single producer. Why, then, must a single-price monopolist decrease its price if it wants to increase its output?
What will be an ideal response?
Which of the following is an example of a principal/agent relationship?
a. Banks lending money to start-up companies. b. An investment banker investing the client's money into different securities. c. Advance booking for a car after watching its promos at a car show. d. Investing your money in fixed-return deposits and government securities.
Suppose the cross-price elasticity of demand between peanut butter and jelly is -2.50 . This implies that a 20 percent increase in the price of peanut butter will cause the quantity of jelly purchased to
a. fall by 8 percent. b. fall by 50 percent. c. rise by 8 percent. d. rise by 50 percent.