Suppose that neither food-service workers nor retail salespeople are unionized. If food-service workers unionize, then the supply of retail salespeople will
a. rise, as will the wages of retail salespeople.
b. rise, and the wages of retail salespeople will fall.
c. fall, as will the wages of retail salespeople.
d. fall, and the wages of retail salespeople will rise.
b
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Joe manages a company that produces lawn mowers. Joe knows that the value of marginal product
A) decreases as he hires more labor to produce lawn mowers. B) does not change as he sells more lawn mowers. C) increases as he hires more labor to produce lawn mowers. D) increases as he sells more lawn mowers.
In the short run, some costs are fixed
a. True b. False Indicate whether the statement is true or false
If the inflation rate is 5% and the real interest rate is 4%, then the nominal interest rate is around
A. 1%. B. -1%. C. 20%. D. 9%.
Which statement best illustrates the law of diminishing returns?
A. The average total cost of the last unit of output produced is less than the average total cost of the preceding unit of output B. The marginal product of the last unit of a resource used is less than the marginal product of the preceding unit of resource C. The average product of the last unit of a resource used is less than the average product of the preceding unit of resource D. The marginal cost of the last unit of output produced is less than the marginal cost of the preceding unit of output