A monopolist union that desired to maximize its total wage bill ( ) would offer that quantity of labor for which
a. labor's marginal productivity is zero.
b. labor's wage falls to zero.
c. the quantity of labor hired is as great as possible given the firm's demand curve.
d. the marginal revenue from providing one more worker to the market is zero.
d
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The Ricardian proposition that international trade will benefit any country ("gains from trade") as long as the world terms of trade do not equal its autarkic relative prices is a straightforward and powerful concept
Nevertheless, it is impossible to demonstrate empirically. Why?
The simple money multiplier: a. equals the reciprocal of the required reserve ratio
b. assumes banks hold excess reserves. c. becomes larger as the required reserve ratio increases. d. equals required reserves plus excess reserves. e. equals total reserves minus required reserves.
How much total economic surplus would have been lost if the bread subsidy, as illustrated in Example 7.7, had been set at $0.50 per loaf instead of $1.00?
The name of the currency now being used throughout the European Monetary Union is the __________.
Fill in the blank(s) with the appropriate word(s).