Suppose the goal of a union is to maximize the total income of all workers it represents. In this case, it will probably aim for a wage at which the elasticity of demand for workers is

A. 0
B. infinite.
C. 1
D. ranging from 2 to 5.


Answer: C

Economics

You might also like to view...

How do we arrive at a Nash equilibrium in a matrix game?

What will be an ideal response?

Economics

The IBRD part of the World Bank is set up to lend to whom and for what types of projects?

What will be an ideal response?

Economics

In the above figure, if the budget line is originally line DE and the price of coffee decreases, the consumer will

A. drink more coffee and increase bagel consumption slightly. B. drink more coffee and decrease bagel consumption slightly. C. drink less coffee and increase bagel consumption slightly. D. leave consumption of both coffee and bagels unchanged.

Economics

The All Smiles Greeting Card Company wants to increase the quantity of greeting cards it sells by 20%. If the price elasticity of demand is -5.0, the company must

A. increase price by 0.25%. B. decrease price by 0.25%. C. decrease price by 4.0%. D. increase price by 4.0%.

Economics