Suppose the wage earned by pear pickers suddenly rises. Which of the following effects would we most likely observe as a result?
a. The supply of apple pickers would decrease and the equilibrium wage of apple pickers would decrease.
b. The supply of apple pickers would decrease and the equilibrium wage of apple pickers would increase.
c. The demand for apple pickers would increase and the equilibrium wage of apple pickers would decrease.
d. The demand for apple pickers would decrease and the equilibrium wage of apple pickers would decrease.
b
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Suppose a market has only one seller and only one buyer of a good in the market. The buyer is willing to pay $50 for the good and the seller is willing to accept $15. The market price of the good is determined at $30
If they trade, the social surplus will be ________. A) $15 B) $35 C) $45 D) $65
If a monopoly wants to maximize its profit, it should produce in the range where
A) its average costs are declining. B) its demand curve is elastic. C) its marginal costs are declining. D) its marginal costs are less than its average costs.
Suppose the federal government allows labor unions to act as the sole seller in labor markets, but the government collects a $1 per hour fee to cover unemployment insurance for each union worker
Assuming this fee is not so large that it forces the unions to disband, what is the impact of this fee on the equilibrium wage and employment level in the monopolized labor market? A) After-tax wages and employment decline. B) After-tax wages increase and employment declines. C) Employment increases and after-tax wages decline. D) No change in after-tax wages or employment levels.
Potential solutions to sell a high-quality used car include
a. offering a warranty b. selling through a reputable dealer c. documenting the complete repair history d. all of the above