Among possible union strategies, the one that can both raise wages and add to employment is
a. restricting the supply of workers.
b. raising the demand curve for the product or for labor.
c. fixing the wage.
d. striking frequently.
b
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Jerry spends his entire income on two goods, Bran and Tea. Every month he spends half of his income on each of these goods. Jerry's income elasticity of demand for Bran is -.75. What is the income elasticity of demand for Tea?
A) 2.75 B) 0.36 C) -2.75 D) Unknown with the information provided
The ________ exchange rate is the market rate between two currencies.
A. nominal bilateral B. real bilateral C. real effective D. nominal effective
The inputs used to produce cupcakes (e.g., flour, sugar, butter, and labor) are also used to produce cookies, cakes, muffins, pies and many other goods. This suggests that:
A. the elasticity of supply of cupcakes is relatively low. B. cupcakes are a normal good. C. the supply curve for cupcakes is downward sloping. D. the elasticity of supply of cupcakes is relatively high.
The demand curve shown in the figure above is ________ over the price range from $95 to $105 per unit
A) perfectly elastic B) perfectly inelastic C) unit elastic D) elastic but not perfectly elastic E) inelastic but not perfectly inelastic