Cannon Mills used to be virtually the only employer in Kannapolis, North Carolina. What is the name for a single hirer of labor, and how do wages and the number of jobs available compare to a competitive labor market?
Monopsonists hire fewer workers and pay lower wages than comparable competitive firms. For these firms, MLC is above S of labor. Labor input is where MLC crosses MRP, which must be at a lower input level. Wage equals the minimum needed to hire this smaller supply of workers, which must be less than the competitive wage that would lead to more workers hired.
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There was a spike in U.S. legal immigration from 1989 to 1991 due to:
A. An unstable political situation in Mexico B. Increased international travel C. Tremendous economic growth in the U.S. economy D. An amnesty program legalizing formerly illegal immigrants
Bananas, chocolate bars, chewing gum, orange juice and yogurt are considered to be ________ goods
A) service B) durable C) nondurable D) essential
The relationship between distance traveled in five hours and speed shown in the figure above is
A) positive. B) negative. C) inverse. D) cross-sectional. E) multilateral.
Higher consumer prices caused by external forces would boost the wage costs of firms without any commensurate increase in the nominal demand for their products if
A) long-term contracts were in force. B) all labor contracts were one year in duration. C) there were no COLAs. D) there were full COLA protection.