When an employer that controls the demand for labor opposes a union that controls the supply of labor, it is called
A. an oligopoly.
B. an oligarchy.
C. a bilateral monopoly.
D. a monopsony.
C. a bilateral monopoly.
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The labor force equals the number of people:
A. both employed and unemployed. B. employed. C. aged 16 years and older. D. employed, unemployed and discouraged.
The figure above shows the labor market in a region. If a minimum wage of $8 an hour is imposed, then the quantity of labor supplied is ________ and the quantity of labor demanded is ________
A) 60,000; 60,000 B) 80,000; 40,000 C) 40,000; 60,000 D) 60,000; 40,000 E) 40,000; 40,000
Which statement is true?
A. William Julius Wilson and Charles Murray are basically in agreement about the causes of the formation of a permanent underclass. B. The permanent underclass has more white members than black members. C. There is very little evidence to show that there is actually a permanent underclass. D. There are more poor whites than poor blacks in the United States.
Whenever the opportunity costs of goods are significantly different in different countries, there are gains from specialization and trade
a. True b. False