Mutually beneficial trade between buyers and sellers drives a market to equilibrium
Indicate whether the statement is true or false
True
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Unions are less likely to strike today than in the past because
a. real wages have increased over the last 20 years b. employers are less willing to hire strike breakers c. most workers in the U.S. are already union members d. more workers, both union and nonunion, are willing to cross picket lines e. many high-profile strikes (e.g., Caterpillar) have succeeded in winning job security
A union might increase the demand for the labor services of its members by:
A. decreasing the demand for the product it is producing. B. decreasing the prices of complementary inputs. C. decreasing the prices of substitute inputs. D. increasing the prices of complementary inputs.
Figure 14.3 represents the market for used refrigerators. Suppose buyers are willing to pay $300 for a plum (high-quality) used refrigerator and $100 for a lemon (low-quality) used refrigerator. If buyers believe that 50% of used refrigerators in the market are lemons (low quality), what fraction of used refrigerators sold will actually be plums (high quality)?
A. 50/250 B. 50/300 C. 250/300 D. None of the refrigerators sold will be plums.
In the short run, it is necessary to ________ a good whenever excess demand exists.
A. price allocate B. nonprice ration C. discontinue distribution of D. increase production of