Unions sometimes try to ensure that employers hire more union labor than they might otherwise prefer by
a. collective bargaining
b. featherbedding
c. work enlargement
d. restricting the supply of labor
e. increasing the demand for union-made products
B
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According to the figure above, if there is no income tax, the equilibrium real wage rate is ________ and the equilibrium hours of labor are ________
A) $20; 200 billion B) $30; 250 billion C) $30; 200 billion D) $35; 200 billion E) The equilibrium is not shown.
A common resource is used efficiently if
A) the output is maximized. B) marginal social benefit equals marginal social cost. C) marginal private benefit equals marginal private cost. D) marginal social benefit is maximized.
In a market with positive externalities, the market equilibrium quantity will be less than the efficient equilibrium quantity
Indicate whether the statement is true or false
Suppose capital and labor are perfect substitutes resulting in a production function of q = K + L. That is, the isoquants are straight lines with a slope of -1
Derive the long-run total cost function TC = C(q) when the wage rate is w and the rental rate on capital is r.