If a union is able to successfully lobby Congress to limit imports of rival products, and thus to raise the demand (and thus price) for the goods or services they make, then which of the following best describes the outcome?
A. The supply of labor will increase.
B. The demand for labor will increase.
C. The supply of labor will decrease.
D. The demand for labor will decrease.
Answer: B
You might also like to view...
In which price range of the accompanying demand schedule is demand elastic (based on the midpoint formula)?PriceQuantity Demanded$42342618
A. $3-$2 B. $2-$1 C. below $1 D. $4-$3
An increase in wages will shift the supply curve up and to the left
Indicate whether the statement is true or false
Game theory is used to explain firms' decisions in
A) a monopoly. B) an oligopoly. C) a perfectly competitive market. D) a monopolistically competitive market.
Which of the following is likely among the most concentrated industries in the United States?
A) printing and publishing B) soft drinks C) tobacco products D) household vacuum cleaners