How can restricting entry into a union help boost members' wages without the union specifically setting wages?
What will be an ideal response?
With union membership limited, the quantity of labor available to employers is limited to that quantity supplied. Then, if the demand for labor increases over time, so will the wages paid to the union's members.
Economics
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The price for tickets of a sold-out event increase by 30% but quantity sold remains unchanged. The price elasticity of demand equals
A) 0. B) 1. C) infinity. D) Cannot be determined.
Economics
In the second quarter of 1995, the following values were observed: real GDP = 4,359.3 billion; GDP Deflator = 325.1; and M1 = 989.5 . What is the value of velocity?
a. 32.51 b. 24.31 c. 14.32 d. 2.31
Economics