The American Bar Association administers the bar examinations that prospective lawyers must pass before being allowed to practice law. The legal requirement to pass this test before practicing law allows the Bar Association to act as a
A. monopsony.
B. union that can restrict the supply of lawyers.
C. union that can increase the number of lawyers.
D. bilateral monopoly.
Answer: B
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What will be an ideal response?
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b. Shift the long run aggregate supply curve to the left. c. Shift both the short run aggregate supply curve and long run aggregate supply curves to the left. d. Do none of the above
If marginal revenue for a firm is negative,
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How is a decrease in the natural rate of unemployment shown in the Phillips curve diagram? Does this decrease change the inflation rate?