Exhibit 11-12 A monopsonist
In Exhibit 11-12, suppose this labor market is unionized by a powerful union which forces a wage of $35 upon the industry. The firm would respond by hiring ____ workers and paying a wage of ____.
A. 40; $35
B. 60; $30
C. 70; $27
D. 60; $35
Answer: A
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In a perfectly competitive market with 75 non-identical firms producing at market price p1
A) the supply curve is flatter than if there were only 35 identical firms. B) the supply curve is more elastic than if there were only 25 identical firms. C) the supply curve is more inelastic than if the firms were identical. D) All of the above.
Which of these is not assumed to be constant along a short-run aggregate supply curve?
a. The actual price level b. The state of technology c. The size and quality of the labor force d. The expected price level e. The size and quality of the capital stock
Worldwide statistics prove that, when economies experience recessions, unemployment rates rise and wages fall
a. True b. False Indicate whether the statement is true or false
In effect, during the period immediately following World War II, the world was on a(n):
a. gold standard. b. flexible-exchange-rate standard. c. U.S. dollar standard. d. exchange-rate standard dictated by Germany e. pegged-exchange rate standard.