If a union establishes by collective bargaining a wage rate that is above a competitive market equilibrium wage rate, then
A) an excess quantity of labor will be supplied.
B) a shortage of labor will result.
C) there will be an increase in total employment.
D) management will want to substitute labor for machinery.
A
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In the ________ markets all profits and losses must be settled on a daily basis
A) futures B) forward C) spot D) swap
At full employment,
A) the inflation rate is zero. B) the inflation rate must equal the natural unemployment rate. C) the unemployment rate is zero. D) real GDP exceeds potential GDP. E) the unemployment rate is equal to the natural unemployment rate.
Using the above figure, which of the following is TRUE?
A) Axis 1 is typically called the y-axis. B) Axis 1 is also known as the origin. C) Axis 2 is typically called the x-axis. D) Point b is known as the origin.
Amy received her wage based on her working hours in the grocery store. The work contract she signed is an example of a
A) fixed-fee contract. B) hire contract. C) contingent contract. D) sharing contract.