Would a union of all the restaurant workers in your area be more or less successful at winning wage increases without suffering employment losses than a union of all the pizzeria workers in your area? Explain
A union's success depends on the elasticity of demand for the good being produced. The less elastic is the
demand for the good being produced, the more successful the union will probably be at winning wage
increases without suffering major employment losses. Therefore, the union of all the restaurant workers
would probably be more successful than the union of all pizzeria workers, since the demand for restaurant
meals in general is less elastic than the demand for any specific type of restaurant meal, such as pizza .
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According to this Application, China's GNP per capita and India's GDP per capita are ________ U.S. GNP per capita
A) within 5 percentage points of B) now equal to C) still significantly less than D) now greater than
In the above figure, B is the current long-run aggregate supply curve and E is the current short-run aggregate supply curve. Technological advances mean the long-run aggregate supply curve and short-run aggregate supply curve
A) remain B and E. B) shift to A and D, respectively. C) shift to C and F, respectively. D) shift to C and remain E, respectively.
Which of the following would be considered a negative real supply shock?
A) a relaxation of government environmental regulations B) a permanent increase in the price of energy C) a decrease in the money supply D) a decrease in aggregate demand
A monopolist
A. Has a perfectly inelastic demand curve B. Is a price taker C. Can always increase price to increase economic profit D. Is a price maker E. Has no control over the market price of a product it sells