How does competition from nonunion firms and foreign producers affect the ability of a union to increase the wages of its members?
a. Such competition makes it easier for the union to achieve wage increases.
b. Such competition reduces the ability of a union to achieve wage increases.
c. Such competition does not affect the ability of a union to achieve wage increases.
d. Such competition will increase the strength of a union if it produces a product sold in the domestic market but will reduce the strength of the union if it produces an export product.
B
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The accompany diagram shows the market for gasoline, in which there are 1,000 consumers. Gasoline can be produced at a constant marginal cost of $2 per gallon. When the market is in equilibrium, the average consumer uses 15 gallons of gasoline per week.
Suppose a war breaks out, temporarily limiting the amount of gasoline available for civilian use to 10,000 gallons per week. In the interest of fairness, the government allocates 10 gallons per week to each consumer, taxes each consumer $20 per week, and forbids barter in gasoline. Will the shaded area in the diagram accurately measure the loss in consumers' surplus? Why or why not?
With fixed quantities of capital, land, and entrepreneurship and fixed technology, the amount of real GDP produced increases when ________ increases
i. the quantity of labor employed ii. the inflation rate iii. the price level A) i only B) ii only C) iii only D) ii and iii E) i, ii, and iii
The marginal cost of a monopolist is constant and is $10. The demand curve and marginal revenue curves are given as follows:
demand: Q = 100 - P marginal revenue: MR = 100 - 2Q The deadweight loss from monopoly power is ________. A) $1000.00 B) $1012.50 C) $1025.00 D) $1037.50 E) none of the above
In Figure 33.4, what is the burden of the tax on workers?
A. The wage reduction from W3 to W2. B. The wage reduction from W3 to W1. C. The wage reduction from W5 to W2. D. The wage reduction from W5 to W3.