Answer the following statements true (T) or false (F)
1. Professions that require its practitioners to pass a licensure exam, like accountants and octors, exemplify the exclusive union model of how a labor union raises wage rates.
2. Restricting the supply of labor is a means of increasing wage rates more commonly used by ndustrial unions than craft unions.
3. A bilateral monopoly case is a situation where two monopolists in two countries are selling
competing products in the world market.
4.A bilateral monopoly case is a situation where a firm is a monopolist in its product market and
is also a monopsonist in the market where it acquires its major resource.
5. Minimum wage laws have contributed to higher unemployment levels among teenagers and inorities.
1. True
2. False
3. False
4. False
5. True
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Fill in the blank(s) with correct word
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A. Hirschi, Sutherland, and Clarke B. Cohen and Felson C. Hindelang, Gottfredson, and Garofalo D. Wolfgang
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Indicate whether the statement is true or false.