When the collective bargaining process fails to produce an acceptable contract, the union can attempt to extract a higher wage from a monopsonist by
a. bringing in more workers
b. allowing the workers to negotiate their own individual terms
c. shifting the MLC curve downward
d. going on strike
e. increasing the return to monopsony power
D
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The short-run effect of an increase in the money supply is to
A) increase real GDP only. B) increase the price level only. C) increase both real GDP and the price level. D) increase nominal GDP but decrease the price level.
With which choice are you more likely to avoid Bid-rigging cartels?
a. Winning bids are not identified b. Winning bidders are not identified c. Cheaters do not fear punishment from other cartel members d. All of the above
The additional revenue received by a firm from selling one more unit of output is known as
a. total revenue b. price c. average revenue d. marginal cost e. marginal revenue
School vouchers are
A. provided by the government. B. provided by private organizations. C. public funds to be used for private tuition. D. all of these answer options are correct.