Unlike most monopolies, unions do not attempt to use their market power to raise the equilibrium wage above its competitive level.
Answer the following statement true (T) or false (F)
False
A primary objective of unions is to raise the wages of union members above the equilibrium wage.
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Suppose that there is no government and no international trade. When C + I is less than the level of real GDP
A) unplanned inventories increase, and real GDP contracts. B) unplanned inventories decrease, and real GDP expands. C) real planned investment spending equals real planned saving. D) unplanned inventories equal zero, and there is no change in the level of real GDP.
Which of the following is considered to be a tel-tale signal that the point with the highest total utility has been found?
A. the marginal utility per dollar is the same for both goods B. the marginal utility per dollar is controlled by trade-offs C. the demand curves are flatter reducing quantity D. the quantities demanded change so total utility rises
When a check is drawn and cleared, the
A. reserves and deposits of both the bank against which the check is cleared and the bank receiving the check are unchanged by this transaction. B. bank against which the check is cleared loses reserves and deposits equal to the amount of the check. C. bank receiving the check loses reserves and deposits equal to the amount of the check. D. bank against which the check is cleared acquires reserves and deposits equal to the amount of the check.
Consider the following pricing strategies:
a. perfect price discrimination b. charging different prices to different groups of customers c. optimal two-part tariff d. single-price monopoly pricing Which of the pricing strategies allows a producer to capture the entire consumer surplus that would have gone to consumers under perfect competitive pricing? A) a, b, c, and d B) a, b, and c only C) a and b only D) a and c only